Word: effman
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...pointed out with stunning clarity last week the damage that cheap rates can cause. In a prospectus for its stock offering, the carrier noted that competition has forced it to set fares throughout most of its system that are less than the cost of providing the seats. Adds Neil Effman, a TWA senior vice president: "If these discounts continue, there will have to be fewer carriers in the U.S. air transport industry by the end of the year." In a sense, that is an unspoken purpose of the discounting game: to force the weakest airlines to go bankrupt, leaving fewer...
Many airline men were angry last week over what Pan Am had wrought. Snapped Neil Effman, TWA's senior vice president for airline planning: "I am not sure who can win this war. We may all end up losers. This industry has been marching toward bankruptcy like a bunch of lemmings, and we at TWA are not going to follow them over the cliff. Managements who engage in this kind of tit for tat should be fired." TWA tried to keep its cuts selective. Although it reduced prices on some flights, it maintained the normal $129 fare from...
...first race the three boats were even until the collision (about halfway into the course); however, the second time through a half-length of open water separated the Effman from the leaders by the mid-point...