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Essay text:
2) Filing for Chapter 11 (bankruptcy) or 3) Selling
the airline. On February 23, 1986, Eastern's board of directors met to decide
the fate of the company.
Frank Borman, quickly left his home in Coral Gables to Building 16
at Miami International Airport that Sunday evening, to discuss plans on saving
the airlines. The board of directors had recessed for dinner following
afternoon session and was scheduled to convene at 7:30 p.m. At the earlier
meeting, Wayne Yeoman, senior vice president for finance, had spent most of
the time outlining the details of Texas Air's offer to buy Eastern. Frank
Lorenzo and Frank Borman had been talking since December originally
about consolidating the computerized reservation systems, then , as
Eastern's problems deepen, about a possible sale...
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