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Texas Air Corp. Chairman Frank Lorenzo and...

Texas Air Corp. Chairman Frank Lorenzo and Eastern Airlines Machinists union chief Charles Bryan met to discuss a deal that would swap stock in ailing Eastern for employee pay cuts, the Miami News reported. The two adversaries in Eastern’s bitter labor battles met last Tuesday in Houston, the News said. They had agreed earlier to meet if financier Carl C. Icahn, the chairman of Trans World Airlines Inc., decided not to buy Miami-based Eastern, Bryan said later in the week. Last Monday, Icahn broke off efforts to acquire Eastern, a subsidiary of Texas Air. Bryan would not confirm whether he and Lorenzo have committed themselves to salary reductions or an employee stock ownership plan.


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