Ray Parks as Danny Rand; Go "Ape" this Summer; Ichan at it Again
aren't very fond of him so basically there are an awful lot of people who would prefer that he not be in the middle of the deal,'' Beyer said.
Icahn acquired control of TWA in 1985, and took the company private three years later. He resigned as chairman in 1993, a year after a previous bankruptcy filing. He entered the cheap tickets deal with TWA by foregoing a loan owed him.
American said it does not plan to honor the agreement, which it says can be voided under bankruptcy law.
A typical tactical approach by TWA creditors such as Icahn could be to try to slow down the process and squeeze more money from American, an attorney with an extensive bankruptcy practice told Reuters. In addition, his ticket agreement expires in 2003, and he could seek compensation for the lost profits if the agreement is terminated.
``He comes in and starts slinging things around,'' the bankruptcy lawyer, who asked not to be quoted by name, said of Icahn. ``That's what he did in TWA's last bankruptcies, and that's what he did in Marvel's,'' referring to comic-book company Marvel Entertainment.
Besides the Icahn threat, some analysts think Delta Air Lines Inc. (NYSE:DAL - news) could step into the mix. Delta is currently the world's No. 3 airline after United and American, and risks being left behind as its bigger rivals grow, leaving it with more limited consolidation options.
``I would not be surprised if Delta dips at least a toe in the water. I'm sure Delta is looking at it very closely,'' said airline analyst Brian Harris, of Salomon Smith Barney. ``Delta cannot afford to sit back and see the industry consolidate upon the terms agreed upon by American and United.''
Of the major hub-and-spoke airlines, Harris noted American and Delta have the two strongest balance sheets.
A Delta spokesman declined to comment.
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Thanks all - Take care , keep warm and God bless.
Robert
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