Frank Lorenzo had all but done a signed deal with management to take over TWA. That would have been the end of us, then and there.
From wiki:
"Francisco Anthony "Frank" Lorenzo[1][2] (born May 19, 1940) is an American businessman and philanthropist. He is most famous for his leadership of Texas International Airlines and its successor holding company Texas Air Corporation between 1972 and 1990, through which he formed or acquired a number of major U.S. airlines including Continental Airlines, Eastern Air Lines, Frontier Airlines, New York Air and Peoplexpress Airlines.
As an airline manager, he gained a reputation of union busting, stemming from his leadership during the 1983 bankruptcy of Continental Airlines that enabled the company to void its union contracts, and during the strike and bankruptcy of Eastern Airlines that eventually led to its permanent shutdown in 1991.[3] Lorenzo’s history is contentious, both “despised by unions and admired by airline strategists."
http://en.wikipedia.org/wiki/Frank_Lorenzo
The pilots' union, figuring ANYTHING would be better than Lorenzo, actually made the pitch to Icahn. While slowly bleeding it dry, he at least kept TWA operating as its own entity for a few more (precious) years.
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