To celebrate his victory in the hostile takeover battle for Trans World Airlines in August 1985, corporate raider Carl Icahn donned a pilot's cap and uniform jacket and paraded triumphantly around his Manhattan office. The parade didn't last long. Plagued by labor strife, mounting losses and bruising competition, TWA became more of a financial straitjacket for the erstwhile wizard than the trophy he had envisioned. In recent years, as he struggled to keep the now bankrupt carrier aloft, Icahn groped for a graceful way to bail out. Despite near frantic efforts, he was unable to find a willing buyer or merger...
Icahn's Tar Baby
TWA has proved nothing but trouble for the investor and may not be long for the skies
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