When Carl Icahn Ran a Company: The Story of TWA.

Marc Andreessen

From “TWA – Death Of A Legend” by Elaine X. Grant in St. Louis Magazine, October 2005.
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Ask any ex-staffer what went wrong with the [bankrupt] airline, and you’ll get one answer: Carl Icahn, the corporate raider who took over TWA in 1985 and systematically stripped it of its assets…

In 1985, Icahn launched a sneak attack, buying up more than 20 percent of the airline’s stock…

Icahn, though he already had a fairly dark reputation for buying and breaking up companies, told TWA what it wanted to hear: He wanted to make it profitable…

But soon enough, the party was over. “It became more and more apparent that Carl was not interested in growing the airline but in using TWA as a financial vehicle to acquire wealth for himself,” [former TWA pilot Jeff] Darnall says.

In 1988, Icahn took what many consider the first step toward the airline’s…

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