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BUSINESS
March 12, 1992 | From Times Staff and Wire Reports
Creditors Get OK to Sue Ex-Continental Chief: A federal bankruptcy court judge in Wilmington, Del., cleared the way for Continental Airlines Holdings Inc.'s creditors to sue former Chairman Frank Lorenzo. Continental's creditors want $160 million in compensation and $90 million in damages from Lorenzo, former Continental Executive Vice President Robert Snedeker and Jet Capital Corp., a holding company owned by the two men.
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BUSINESS
March 12, 1992 | From Times Staff and Wire Reports
Creditors Get OK to Sue Ex-Continental Chief: A federal bankruptcy court judge in Wilmington, Del., cleared the way for Continental Airlines Holdings Inc.'s creditors to sue former Chairman Frank Lorenzo. Continental's creditors want $160 million in compensation and $90 million in damages from Lorenzo, former Continental Executive Vice President Robert Snedeker and Jet Capital Corp., a holding company owned by the two men.
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BUSINESS
October 3, 1989 | ROBERT E. DALLOS, Times Staff Writer
Eastern Airlines' pilots and machinists unions Monday sued the airline and its chairman, Frank Lorenzo, charging that "fraudulent empire building, misrepresentations, extortion and other criminal means including asset stripping and asset shifting" had damaged the carrier's employees and shareholders. In their civil racketeering lawsuit, the unions charged that the defendants were leaving Eastern "in precarious financial condition and without means to survive."
NEWS
March 28, 1989 | HENRY WEINSTEIN, Times Labor Writer
Baseball Commissioner Peter V. Ueberroth, who made millions in the travel business before becoming the czar of the 1984 Summer Olympic Games, is negotiating to buy strikebound Eastern Airlines, with financial backing from entertainment mogul Kirk Kerkorian, several knowledgeable sources said Monday night. The deal, the sources said, is to be discussed at a board meeting of Texas Air Corp., Eastern's parent company, scheduled to be held Wednesday in Houston.
BUSINESS
March 14, 1989 | HARRY BERNSTEIN
Texas Air Chairman Frank Lorenzo's entire Byzantine corporate empire may have been put at risk by the machinists' strike against Texas Air subsidiary Eastern Airlines. Now, only Eastern is in Chapter 11 bankruptcy court proceedings, a move he may have planned when he bought the company in 1986. Lorenzo may be trying only to find enough strikebreakers to fly a few planes until he can finish demolishing that once-proud company, selling off its remaining parts and eliminating its 31,000 jobs.
NEWS
August 10, 1990 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Frank Lorenzo, the man organized labor loved to hate but who changed the travel industry with low fares and tough competition, on Thursday bailed out of the airline business. Lorenzo announced that he is selling most of his stake in Continental Airlines Holdings, which owns Continental and Eastern airlines, to Scandinavian Airlines System and is quitting as chairman and chief executive. SAS, which already owns 9.9% of Continental Airlines Holdings (formerly Texas Air Corp.
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