Business: A New Air War

Pancho Lorenzo flies high

Francisco ("Pancho") Lorenzo, 40, has been chopping prices and carving up competition in the Southwest for the past eight years with his Texas International Airlines. Now Pancho is moving east. Lorenzo last week announced that his Houston-based firm, Texas Air Corp., is taxiing up a subsidiary called New York Air to compete with Eastern Air Lines on the rich air corridor connecting New York City and Washington, D.C. Starting Dec. 14, New York Air plans to offer $49 tickets on ten daily business-hour flights between the two cities. The weekend and evening fare will drop to $29,...

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