In his dogfight for TWA, Investor Carl Icahn has learned that if it isn't one thing, it's another. Last week he finally won control of the fifth-largest U.S. air carrier by buying the last chunks of stock necessary for a 50.3% share of the company. Yet Icahn's victory means that the raider will now be held hostage by a number of unusual problems arising from the June hijacking of TWA Flight 847.
To date, the hijacking has cost TWA about $20 million. But it will not end there. The airline's insurance company, Associated Aviation Underwriters, is offering the 143 passengers flat...