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...

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