Eastern Airlines Inc

U.S. Customs officials returned a jumbo jet to Eastern Airlines Inc. after the airline filed a letter of credit for $890,000 to cover a federal fine for transporting illicit drugs. Customs agents seized the Eastern L-1011 in Miami Monday when it returned from a flight to New York. The 56 pounds of cocaine was found among cargo carried from Colombia to Miami last Sunday. Customs inspectors said the cocaine was in a mailbag that arrived on Flight 982 from Bogota.

Eastern Settlement Approved: A federal bankruptcy judge approved a settlement offer that would pay former mechanics of Eastern Airlines Inc. about 90 cents for every dollar they are owed from the airline's collapse almost three years ago. Because some of the mechanics rejected the terms offered by the Eastern estate, the total payout to the union members was reduced to $13.4 million from a potential $14.8 million.

Eastern Settlement Approved: A federal bankruptcy judge approved a settlement offer that would pay former mechanics of Eastern Airlines Inc. about 90 cents for every dollar they are owed from the airline's collapse almost three years ago. Because some of the mechanics rejected the terms offered by the Eastern estate, the total payout to the union members was reduced to $13.4 million from a potential $14.8 million.

For anyone yet to hear the news, the Eastern Airlines ticket counter here at Miami International looked a mighty welcome place on Saturday. Agents were on duty. There was barely a line. "We have two tickets for New York," said Emil Brown, ready to check his bags and pick up a boarding pass. Instead he was handed a sheet of paper with instructions about how to write for a refund. "Oh boy!" said Brown. "No more Eastern?" "That's right, oh boy!" answered the agent.

Controversial airline boss Frank Lorenzo has ordered Eastern Airlines Inc. to put the latest edition of Fortune magazine back on board its jets, although the issue contains a cover story that called him a "loose cannon." "Lorenzo personally instructed that Fortune be put back on the planes," Eastern spokesman Robin Matell said today. "He knew nothing about the original decision" to ban the current issue of Fortune from Eastern's skies.

For anyone yet to hear the news, the Eastern Airlines ticket counter here at Miami International looked a mighty welcome place on Saturday. Agents were on duty. There was barely a line. "We have two tickets for New York," said Emil Brown, ready to check his bags and pick up a boarding pass. Instead he was handed a sheet of paper with instructions about how to write for a refund. "Oh boy!" said Brown. "No more Eastern?" "That's right, oh boy!" answered the agent.

A judge on Friday ordered machinists at Eastern Airlines Inc. to end a work slowdown that Eastern officials say has forced it to ground 17 planes, or about 7% of its fleet, as it faces a possible strike by its largest union. U.S. District Judge C. Clyde Atkins also ruled partly in favor of the machinists by ordering Eastern, a Texas Air Corp. subsidiary, to stop farming out maintenance work to subcontractors.

People with unused Eastern Airlines tickets bought before the airline filed for bankruptcy court protection March 9 have until Aug. 31 to claim a refund, the U.S. Department of Transportation said Thursday. To qualify for a refund, consumers must file a proof-of-claim form with the bankruptcy court. It must be postmarked by midnight Aug. 31. The department said that besides ticket-holders, consumers with unresolved baggage or cargo disputes should file claims if the dispute arose before March 9.

Controversial airline boss Frank Lorenzo has ordered Eastern Airlines Inc. to put the latest edition of Fortune magazine back on board its jets, although the issue contains a cover story that called him a "loose cannon." "Lorenzo personally instructed that Fortune be put back on the planes," Eastern spokesman Robin Matell said today. "He knew nothing about the original decision" to ban the current issue of Fortune from Eastern's skies.

U.S. Customs officials returned a jumbo jet to Eastern Airlines Inc. after the airline filed a letter of credit for $890,000 to cover a federal fine for transporting illicit drugs. Customs agents seized the Eastern L-1011 in Miami Monday when it returned from a flight to New York. The 56 pounds of cocaine was found among cargo carried from Colombia to Miami last Sunday. Customs inspectors said the cocaine was in a mailbag that arrived on Flight 982 from Bogota.

How Orange County compares to largest corporate bankruptcies of all time, by revenues. Amounts in millions of dollars. Company Date filed Texaco, Inc. 4/12/87 $32.6 The Southland Corp. 10/24/90 $8.3 LTV Corp. 7/17/86 $7.6 Macy (R.H.) & Co. Inc. 1/27/92 $6.8 Continental Airlines Hldgs. 12/3/90 $6.7 Trans World Airlines 1/31/92 $4.6 Federated Dept. Stores 1/15/90 $4.6 Eastern Airlines Inc. 3/9/89 $4.5 Pan Am Corp. 1/8/91 $3.9 County of Orange* 12/7/94 $3.7 JWP, Inc.** 12/21/94 $3.6 Wickes Cos.