Word: twa
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...TWA's unions, led by the Air Line Pilots Association, were vehemently opposed to a Lorenzo takeover. They feared that he would once again resort to a tactic he had used after Texas Air won a battle for control of Continental Airlines. In 1983 Lorenzo took Continental into bankruptcy proceedings, which enabled the company to void union contracts and slash employee salaries. That maneuver earned Lorenzo a reputation as a union buster...
...prevent the Texas Air chairman from taking over TWA, ALPA Executive Council Chairman Harry Hoglander quietly approached Icahn with a highly unusual deal. The union said that if Icahn bought the airline, TWA's 3,500 pilots would accept a 26% pay cut in exchange for a block of the airline's stock. Icahn accepted the pilots' proposition and then concluded a similar arrangement with TWA's International Association of Machinists and Aerospace Workers. The two unions represent about 17,000 of TWA's 27,000 workers, and the total value of the wage concessions offered amounted to about...
...thirds of the airline's stock that he did not already own, topping the Texas Air offer by $1 a share. Lorenzo countered at week's end with a $26-a-share bid, but' Icahn disregarded this last-ditch offer, saying that he would continue to purchase TWA stock and close in on the 51% total needed for outright control of the company. Said Icahn's ally Hoglander: "Full steam ahead and damn the torpedoes...
...wily financier played out his hand, a third potential offer for TWA suddenly arose from a group of the airline's workers, led by white-collar, non-unionized employees. Advised by Christopher Bond, a former Governor of Missouri, this faction had reportedly raised more than $1 billion in the financial markets of Western Europe in an effort to top the Icahn and Lorenzo bids...
...hostages' message urged the President to work for their release by abandoning his policy against negotiating with terrorists. "You negotiated over the hostages from the TWA plane," the letter read. "We are asking for the same consideration. There is no alternative." The letters complained that the hostages were being held without "proper exercise, sanitation, fresh air or balanced diet." The White House reaffirmed its longstanding policy against negotiating with terrorists, but Administration Spokesman Edward Djerejian nonetheless declared that the U.S. was prepared to "talk with the abductors themselves to obtain the release of the hostages." CHINA Stop-and-Go Reforms...