Carl Celian Icahn = 223 (Franc Baconis) Systematic Destruction of Trans World Airlines
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Published 4 years ago
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Carl Icahn one of Donald Trump's good friends and business partners takes apart Trans World Airlines in this rare film titled: Grounded TWA Flight Attendant's Strike of 1986 (IFFA).
In 1985, Carl Icahn bought the airline operations from the Trans World Corporation and appointed himself as chairman of the newly independent airline. Also in 1985, TWA closed its hub at Pittsburgh International Airport after nearly 20 years as a hub. In 1987, Icahn moved the company's main offices from Manhattan, to office buildings he owned in Mount Kisco. Icahn was eventually ousted in 1993, though not before the airline was forced to file for bankruptcy on January 31, 1992.
Negotiations continued until a deal was reached on 24 Aug. 1992. In that deal, Icahn had to pay TWA $150 million, the employees reduced compensation by 15% over the next three years, and the creditors forgave $1 billion in debt. When TWA emerged from bankruptcy in Nov. 1993, employees owned 45% of the company. When Carl Icahn left in 1993, he arranged to have TWA give Karabu Corp., an entity he controlled, the rights to buy TWA tickets at 45% off published fares through September 2003.
This was named "the Karabu deal". The ticket program agreement, which began on June 14, 1995, excluded tickets for travel which originated or terminated in St. Louis, Missouri. Tickets were subject to TWA's normal seat assignment and boarding pass rules and regulations, were not assignable to any other carrier, and were not endorsable. No commissions were paid to Karabu by TWA for tickets sold under the ticket program agreement.
By agreement dated August 14, 1995, Lowestfare.com LLC, a wholly owned operating subsidiary of Karabu, was joined as a party to the ticket program agreement. Pursuant to the ticket program agreement, Lowestfare.com could purchase an unlimited number of system tickets. System tickets are tickets for all applicable classes of service which were purchased by Karabu from TWA at a 45% discount from TWA's published fare. In addition to system tickets, Lowestfare.com could also purchase domestic consolidator tickets, which are tickets issued at bulk fare rates and were limited to specified origin/destination city markets and did not permit the holder to modify or refund a purchased ticket. Karabu's purchase of domestic consolidator tickets was subject to a cap of $70 million per year based on the full retail price of the tickets.
On most TWA flights, Karabu could buy at a heavy discount and then sell a certain portion of all TWA's available seats. As a result, TWA was hamstrung by the high proportion of heavily discounted seats that had been sold and was essentially left with no control over its own pricing. It could not afford to discount any of its own seats, and if TWA wanted to increase revenue on busy routes by putting a larger plane into service, Karabu would only claim more seats. TWA was losing an estimated $150 million a year in revenue due to this deal. To ameliorate the Karabu deal, TWA went in and out of bankruptcy in 1995.
If there's ever going to be a Non-Masonic Trial for TWA Flight 800 unsolved crime..., this video will be needed to be placed in the evidence locker.
NOTE: The "SURNAME" Icahn is an ANAGRAM for China.
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.
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In 1985, Carl Icahn bought the airline operations from the Trans World Corporation and appointed himself as chairman of the newly independent airline. Also in 1985, TWA closed its hub at Pittsburgh International Airport after nearly 20 years as a hub. In 1987, Icahn moved the company's main offices from Manhattan, to office buildings he owned in Mount Kisco. Icahn was eventually ousted in 1993, though not before the airline was forced to file for bankruptcy on January 31, 1992.
Negotiations continued until a deal was reached on 24 Aug. 1992. In that deal, Icahn had to pay TWA $150 million, the employees reduced compensation by 15% over the next three years, and the creditors forgave $1 billion in debt. When TWA emerged from bankruptcy in Nov. 1993, employees owned 45% of the company. When Carl Icahn left in 1993, he arranged to have TWA give Karabu Corp., an entity he controlled, the rights to buy TWA tickets at 45% off published fares through September 2003.
This was named "the Karabu deal". The ticket program agreement, which began on June 14, 1995, excluded tickets for travel which originated or terminated in St. Louis, Missouri. Tickets were subject to TWA's normal seat assignment and boarding pass rules and regulations, were not assignable to any other carrier, and were not endorsable. No commissions were paid to Karabu by TWA for tickets sold under the ticket program agreement.
By agreement dated August 14, 1995, Lowestfare.com LLC, a wholly owned operating subsidiary of Karabu, was joined as a party to the ticket program agreement. Pursuant to the ticket program agreement, Lowestfare.com could purchase an unlimited number of system tickets. System tickets are tickets for all applicable classes of service which were purchased by Karabu from TWA at a 45% discount from TWA's published fare. In addition to system tickets, Lowestfare.com could also purchase domestic consolidator tickets, which are tickets issued at bulk fare rates and were limited to specified origin/destination city markets and did not permit the holder to modify or refund a purchased ticket. Karabu's purchase of domestic consolidator tickets was subject to a cap of $70 million per year based on the full retail price of the tickets.
On most TWA flights, Karabu could buy at a heavy discount and then sell a certain portion of all TWA's available seats. As a result, TWA was hamstrung by the high proportion of heavily discounted seats that had been sold and was essentially left with no control over its own pricing. It could not afford to discount any of its own seats, and if TWA wanted to increase revenue on busy routes by putting a larger plane into service, Karabu would only claim more seats. TWA was losing an estimated $150 million a year in revenue due to this deal. To ameliorate the Karabu deal, TWA went in and out of bankruptcy in 1995.
If there's ever going to be a Non-Masonic Trial for TWA Flight 800 unsolved crime..., this video will be needed to be placed in the evidence locker.
NOTE: The "SURNAME" Icahn is an ANAGRAM for China.
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.
• More at: https://www.truthernetwork.com/
• Follow on Twitter: https://www.twitter.com/truthernetworks
Keywords
carl celian icahnmasonic criminal networktrans world airlinestwa flight attendants strikekarabu corpflight 800 unsolved crime
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