Word: twa
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Dates: during 1960-1969
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Cutting Costs. Boeing has 167 orders totaling more than $3.3 billion from 28 airlines. Pan American plans to put the first jumbo jet into service across the Atlantic in December, with TWA following about two months later. By next midyear, Pan Am plans to have 25 of the 747s, each costing more than $20 million...
...hardest-fought commercial air battle in Washington memory seemed to end last month when Lyndon Johnson awarded new Pacific routes to six of 18 carriers that had sought them for more than a decade. Johnson's choices were two Pacific veterans, Pan American and Northwest, and newcomers TWA, Continental and all-cargo Flying Tiger. In addition, Braniff got new runs to Hawaii. Last week Richard Nixon said: nothing doing. In a letter to the Civil Aeronautics Board, Nixon stated that he would "recall the matter" and later on "advise you of my decision on the merits...
...designed such innovations as retractable landing gears. But he has a dismal record of running airlines. In control of Northeast Airlines from 1962 to 1964, he sold out when the carrier was just short of bankruptcy. Under new management, Northeast recovered. From 1939 to 1960, Hughes also controlled TWA, which flew low in the later stages of his capricious reign. Financial pressures forced Hughes to surrender his 78.2% ownership of the airline to a trust. He eventually sold his 6,584,937 shares for $546.5 million...
...went along with many-but not all-of the original recommendations. Probably the greatest gainer was Los Angeles-based Continental Airlines, only the eleventh biggest U.S. airline. Its new runs to Samoa, Micronesia, Australia and New Zealand will make it a sizable inter national carrier. Another big gainer was TWA, which was awarded rights to fly from the U.S. to Hong Kong, Taiwan and other places. By linking its new Pacific runs with its existing transatlantic ones, which go as far as Hong Kong, TWA will become a round-the-world air line...
...stand in his own defense, his lawyers will probably appeal any adverse court judgment in hopes of getting a reduction or a dismissal of the damages. Until two years ago, a damage settlement would have hurt Hughes hardly at all. At that time, he still owned 78.2% of TWA and would, in effect, have been paying the assessments largely to himself. But, in a daring gamble that he would not have to pay damages, Hughes sold his TWA shares for $546.5 million in 1966. Thus, if he must now pay up, the money will come out of his millions with...