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...mechanics and flight crews by walking off their jobs, and their action grounded all but a handful of the airline's 250 planes. With a dwindling war chest of $200 million, hemorrhaging at a rate of $4 million a day, Eastern was forced to file for protection under the Chapter 11 provisions of the Federal Bankruptcy Code. Lorenzo used the same tactic 5 1/2 years ago to break the unions and reorganize Continental, but this time, under revised bankruptcy laws, he will find the process more arduous...
...considerable power. Under federal law, Eastern management will have 120 days to submit its reorganization plan to the bankruptcy court. In the meantime, the airline can resume normal operations if it reaches an agreement with its unions. But the rules have changed since Lorenzo's previous foray into Chapter 11 with Continental. Management can no longer toss out union contracts under Chapter 11 without the court's approval...
...charge was denied by the Miami-based carrier, which filed for Chapter 11 bankruptcy protection last Thursday...
Conveniently, under the provisions of Chapter 11 bankruptcy laws, Lorenzo was allowed to void all prior union contracts to help bring Continental back to its feet. Today, Continental Airlines flies the skies again--staffed by nonunion workers...
...keyboard, Taliaferro cradles the telephone receiver just above the monogrammed RT on his black jersey. Like the capable editor of a small-town newspaper, Taliaferro has the reader by the pulse. He is a leader of his captive constituency: vice president of the Jaycees' Star of the North prison chapter, a leader of a black-culture group and a big editorial voice inside these walls. "I'm a black redneck," he says with a casual smile. If he were free, he'd have voted for George Bush for President even though he thought his candidate didn't understand prison furloughs...