Relations between misanthropic Financier Howard Hughes, 55, and Trans World Airlines, the nation's third biggest air carrier, have long resembled those between a capricious master and a whip-shy dog. In the 17 years since he first gained control of TWA through his wholly owned (and vastly profitable) Hughes Tool Co., Hughes has run through five TWA presidents—some of whom he never bothered to meet—and has put the line through ever fancier financial paces. Last week, as sometimes happens, the baffled dog finally turned and bit.
Hughes's control of TWA began to slip last year,...
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