Stepping up to the microphones during a Manhattan press conference last week, Peter Ueberroth looked every inch the Designated Hero. Frank Lorenzo, the embattled chairman of Texas Air, had just announced that an investor group headed by the boyish-looking former commissioner of major league baseball will buy strike-bound and bankrupt Eastern Air Lines for $464 million. Celebrating Ueberoth's move in a Miami union hall where they heard the news, boisterous Eastern machinists began singing Take Me Out to the Ball Game. The initial response of striking employees to their prospective new boss held promise that Ueberroth may be able to get...
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