P.M. BRIEFING : Braniff Cancels Florida Deal
From Times Wire Services
ORLANDO, Fla. —
Bankrupt Braniff Inc. has canceled a $1-million agreement to sell its trademark and operating certificates to a Jacksonville company that had planned to launch a commuter airline.
Braniff spokeswoman Irma Ellis said Coastal Maine Holdings Co., a small, diversified company, failed to come up with the $1 million by the deadline last Friday.
Coastal Maine reportedly planned to use the Braniff name to launch a commuter airline serving Orlando, Baltimore and Kansas City. Last month, the company bought Cumberland Airlines, a tiny commuter airline serving Cumberland, Baltimore and Ocean City, Md.
