AVIATION: Alas, Poor Yerex

Lowell Yerex had but $25 to his name when he founded TACA Airways. He built his Latin American airline into the world's largest cargo carrier. But TACA remained a one-man show and Yerex made all the decisions. Last week it looked as if someone else had finally made a decision for tough, one-eyed Mr. Yerex. Out he went as president of TACA, the climax to a long struggle for control of the company.

Two years ago Yerex invited Transcontinental & Western Air, Inc. and other U.S. investors to buy into TACA. Yerex, a New Zealander,...