Word: twa
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Dates: during 2000-2009
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...players never went away. Bottom fisher Sanford Weill, for one, amassed an impressive array of financial companies on the cheap while others were getting tech-obsessed. He is now the head of Citigroup, one of the world's largest banks. Icahn, the '80s raider who shook Texaco and took TWA, has asserted influence in small doses throughout the '90s by buying large amounts of distressed corporate debt, as has former Milken colleague Leon Black at Apollo Advisors...
...senators are also getting very worried about the pace of consolidation in the industry. If American and United Airlines' multifaceted, one-giant-washes-the-other deal - in which American buys TWA and some of DCAir and United buys most of USAir - goes through, the two carriers would share half the U.S. sky among them. And that prospect has Continental and Delta itching for a merger of their own - one, those companies say, they'd make out of necessity but not desire...
...York senator Charles Schumer - "How in God's good name can having three airlines increase competition?" - wants a nine-month freeze on all the deals except American's TWA takeover, which heartland pols are intent on, so that the feds can study what effect the Big Three scenario would have on pricing. Vermonter Pat Leahy worried that "the industry will be one work stoppage away from closing down one fourth to one third of America's air system...
...Would selling TWA to JAG instead of AA help matters? The problem with diversity in the airline business, some experts say, is that there's a reason why TWA went out of business in the first place. David Stempler, president of the Air Travelers Association, told the senators that the carrier, solvent or not, would be unlikely to survive...
...There have been previous attempts from groups to acquire airlines and maintain them individually that never panned out," he said, indicating that before long, the unnamed entrepreneurs at Jet Acquisitions Group would find themselves in the same state as TWA does now - squeezed out and flat broke...