Corporate Civil Wars

Proxy battles are increasing, and worries grow about the paper chases

TWA usually stands for Trans World Airlines. Last week it could have meant Tussle, Wrestle & Armtwist. At the annual meeting of TWA's parent, Trans World Corp., in Kansas City, a group of investors calling themselves Odyssey Partners attempted to break up the firm by splitting off the corporation's red-ink airline business from its four other subsidiaries, all moneymakers. With only 1% of Trans World's stock, they nonetheless persuaded shareholders who control perhaps a fourth of the company to vote their way. That fell short of the required 51% majority, but...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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!