Word: icahn
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...MERE MENTION OF THE NAME OF FINANCIER Carl Icahn once sent chills through corporate boardrooms. That was before he got into the airline business. After seven long years of trying to make a go of TWA, Icahn has announced that he is giving up. As part of a reorganization plan that should enable the battered carrier to emerge from Chapter 11 bankruptcy protection early next year, Icahn agreed to provide $615 million in cash, loans and pension-fund guarantees. The deal will put the shrunken carrier on sounder financial footing, though it remains to be seen whether TWA can survive...
...touched off an exodus of top managerial talent. In the past two years, TWA has lost its chief operating officer, general counsel, senior vice presidents of finance, marketing, flight operations and strategic planning, plus its vice presidents of advertising, government affairs, compensation, public affairs and maintenance operations. Perhaps Icahn's biggest managerial blunder was engaging in a series of unwinnable fare wars with the industry's big eagles: United, American and Delta. Subsequent price cutting helped land TWA in bankruptcy court last January...
...been widely accepted wisdom that corporate raider Carl Icahn launched his hostile takeover of Trans World Airlines six years ago in order to greenmail management into paying a higher price for his stock. Icahn confounded the skeptics by actually taking control and running the airline, - but he has made no secret in recent years of wanting out of his money-losing investment. Throughout last week, Icahn and TWA's labor unions hammered away at a deal that would turn over the airline to its 28,000 workers and allow the New York takeover artist to bail out and save face...
Though at week's end the talks were ongoing, all the parties are in agreement that Icahn's departure is the desired outcome. Once the nation's No. 3 carrier, TWA now ranks a distant seventh. The reluctant chairman wants out of a bad investment, which he claims has cost him personally at least $100 million. The airline has lost more than $511 million since 1990, including $104 million in this year's first quarter. TWA's workers, angered by Icahn's relentless quest to cut costs, blame him for driving the carrier into the ground. But before Icahn...
BUSINESS: Icahn's Tar Baby...