AVIATION: Sharing the Stick

Howard Hughes likes to fly his own eccentric way, but the time came last week to call in a copilot for T.W.A. To make it possible to get a $40 million RFC loan that T.W.A. had to have to keep flying, Hughes agreed to put his T.W.A. stock (46%) into a voting trust, thus share T.W.A. control with the U.S. Government.

This was the last thing stubborn Howard Hughes had wanted to do (TIME, Jan 6). But RFC had been just as stubborn. Some $19½ million in RFC cash had already been sunk in Hughes's experimental,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!