Word: twa
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...mysterious new company of aviation experts and investors that calls itself Jet Acquisitions Group entered the TWA sweepstakes Wednesday, making a $6 billion offer for the carcass of the going-bankrupt airline that nearly doubles the offer made last month by American Airlines...
...these guys? "I can't give you the specifics," said Michelle Tuchman, a spokeswoman for the company. "It's fair to say that some of them are former airline executives and general investors." Tuchman did assure reporters that Carl Icahn, the billionaire financier who used to own TWA, was not among them. But whoever they are, they've got a mission: to keep TWA flying...
...group is adamant that TWA should be preserved as an independent and financially viable airline," said another spokesman for the group, Stanford E. Lerch. "Our bid is more than twice the size of the nearest offer for TWA that was previously made by American Airlines...
American's consolidation plans would provide consumers with some benefits. The deals would lessen airport congestion and reduce flight delays because American could route passengers through TWA's former St. Louis hub rather than through crowded Chicago or Dallas. Some jetliners now take off with many empty seats--tying up scarce runway and air-traffic space--because carriers tend to jam competing flights into the same popular time slots. Fewer carriers would mean fewer overlapping flights. Passengers could also get service to more cities on the same carrier, a benefit for those who want to concentrate their frequent-flyer miles...
...Administration to let this go forward." Maybe, but few expect the Bush Administration to find the thrust reverser for this one. The President-elect hails from American's home state (CEO Carty was a big Bush contributor), and John Ashcroft, Bush's nominee for Attorney General, comes from TWA's. Says Holly Hegeman, an aviation analyst and publisher of the website planebusiness.com "I really don't think we would have seen this type of move if the Democrats had kept the White House...