AMR Faces Lawsuit
Faced with the potential termination of its deal with TWA for access to discounted airline tickets, Lowestfare.com's principal share holder, Carl Icahn, has reportedly announced he will file two lawsuits against AMR Corp., the parent company of American Airlines. What's more, Icahn is reportedly talking to third parties about bidding for TWA's assets. American Airlines officials announced earlier this month that the carrier will acquire the majority of TWA's assets for $3.5 billion. Icahn's move follows the decision last week by American Airlines to not honor an agreement between TWA and Lowestfare.com that gave the online, low-cost air ticket retailer access to substantially discounted tickets. The agreement, which is scheduled to terminate in September 2003, was originally brokered by Icahn, former chairman and majority stock holder in TWA, for Lowestfare.com. Icahn is also said to be in talks with third parties about starting a bidding war for TWA's assets. Lovely was unable to comment on that report either.
Feb 2001
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