Last month T.W.A. told the Civil Aeronautics Board that it would be "unable to continue" unless it got more mail pay. Nothing happened. Last week T.W.A. cried wolf again, much more urgently.
On May 28, said T.W.A., $1,100,000 was due on T.W.A.'s $40,000,000 loan from the Equitable Life Assurance Society. Unless it was paid, said Board Chairman Warren Lee Pierson, the loan, plus an additional $8,000,000 in T.W.A. indebtedness, would automatically become due.
Equitable could take over the airline if it wanted to. T.W.A. could get no more help from outside sources; Principal Stockholder Howard Hughes did not intend to put in any...
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