Even Icahn Gets The Blues

The financier gives up control of ailing TWA, and Iacocca mulls a rerun

THE MERE MENTION OF THE NAME OF FINANCIER Carl Icahn once sent chills through corporate boardrooms. That was before he got into the airline business. After seven long years of trying to make a go of TWA, Icahn has announced that he is giving up. As part of a reorganization plan that should enable the battered carrier to emerge from Chapter 11 bankruptcy protection early next year, Icahn agreed to provide $615 million in cash, loans and pension-fund guarantees. The deal will put the shrunken carrier on sounder financial footing, though it remains to be seen whether TWA can survive the...

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