Gremlin on the Wing

Why TWA keeps losing money and how Carl Icahn keeps cashing in at the airline's expense

"I don't know how they're going to get out," he says. "They still have the ghost of Icahn over them, no ifs, ands or buts. Icahn is dragging them down even eight years after he's been out of there."

The discount tickets, he says, are the problem. Though TWA executives won't publicly point the proverbial finger at Icahn, Jenkins does so without hesitation. With the problems the airline is facing, Jenkins says, he won't rule out a liquidation of TWA if the airline doesn't get a handle on things soon.

TWA's domestic hub is based at Lambert International Airport in St. Louis.
Jennifer Silverberg
TWA's domestic hub is based at Lambert International Airport in St. Louis.

"As long as the Karabu deal is in effect," he says, "there is almost no hope of TWA getting back on their feet and becoming any sort of an airline at all."

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