Word: twa
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Dates: during 1960-1969
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...past seven years, elusive Industrialist Howard Hughes and Trans World Airlines have been tangled in a complex legal battle. The conflict dates back to late 1960, when Hughes, in return for $165 million in loans to pay for TWA's first jets, had to surrender his 78.2% ownership of the airline to a voting trust controlled by the lending banks and insurance companies...
When Hughes objected to the way the new trustee-appointed management was running the company, TWA's new president, Charles Tillinghast Jr. (TIME cover, July 22, 1966), engaged in a bit of preemptive warfare. TWA hit Hughes with a suit that asked $115 million in damages (the amount was increased later), and demanded that Hughes be forced to divest himself of his holdings in the airline that he had built from a middling carrier in 1939 to a major airline. Hughes hit back with a countersuit charging that Tillinghast and the lenders were conspiring to dispossess...
Last week, after seemingly endless legal manuevers, the case finally reached a significant new stage. In a 3 23 -page report, former U.S. Attorney General Herbert Brownell, the "special master" appointed by a New York district court to assess the amount of the damages, accepted most of TWA's claims that Hughes' procrastination in securing jets for the airline had severely crippled its ability to compete in the early 1960s. Brownell set the sum that Hughes should pay TWA at $137.6 million. His report will now go to Federal Judge Charles Metzner, who is expected to in corporate...
...than on the run between Chicago and New York, which, with 110 daily flights each way, is one of the world's most heavily traveled routes. United's president, George E. Keck, whose company is one of the route's prime contenders (others include American and TWA), admits that "a shakedown" in the number of flights is probably inevitable. One way to accomplish that would be to set up a computerized pool arrangement that would enable competing airlines to keep track of combined bookings and cancel redundant flights...
...major carriers to show an earnings increase this year, squeezes its extra mileage in large part from the ideas of Ad Gal Mary Wells (now the wife of Braniff President Harding Lawrence), who dressed stewardesses in Pucci-designed uniforms and painted planes in vivid hues. By contrast, TWA's decision to doll up stewardesses on transcontinental domestic flights in "foreign accent" uniforms has proved something of a flop. Having hired the Wells agency away from Braniff, TWA next month will instead start outfitting its girls in what it calls "modernistic nonuniform uniforms." These will consist of casual mufti ensembles...