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Bankruptcies / Airline Industry / Baldwin-United #292962

CBS Evening News for Tuesday, Sep 27, 1983
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(Studio) No. airline bankruptcies so far this year compared to rate in 1932; recent bankruptcy announcements of Continental Air Lines and Baldwin-United recalled.
REPORTER: Dan Rather

(Miami, Florida) Continental mentioned resuming limited service today; possibility of Eastern Air Lines filing for bankruptcy as well examined. [Eastern president Frank BORMAN - describes company's econ, situation.] Borman recalled asking employees for wage concessions previously. [Nick STEBNICKI - feels company is trying to take advantage of workers.] Positions of machinists, pilots and flight attendants outlined. [Flight attendants union spokesperson Patricia FINK - feels Borman's tactics are guaranteeing strike.] Probability of Eastern following Continental's lead with reorganization under bankruptcy considered. [Eastern inspector Dan. CAMACHO, machinists union spokesperson Charles BRYAN - claim union-busting is goal of bankruptcy threat.] Impact of deregulation on established airlines noted. [Airline analyst Julius MALDUTIS - anticipates decline in major airlines and increase in small, regionalized services.]
REPORTER: Steve Kroft

(Studio) Econ. contributing to high number of bankruptcies considered.
REPORTER: Dan Rather

(NYC) Seriousness of Baldwin-United's bankruptcy examined; implications of situation for relatively small, private investors such as Joseph Guerriero cited as example Guerriero's losses outlined. [GUERRIERO - recalls agent's assurances of financial security with investment in Baldwin-United.] Amt. invested by others in plan mentioned. [Fin. analyst James CHANOS - notes guarantees given investors.] Role of major Wall Street agents in selling Baldwin-United investments and implications for potential investors noted; Merrill Lynch cited as example Plight of investors at present explained. [Ron LASINKSI - feels destroyed; notes guarantees given him.] [Baldwin-United Corporation president Victor PALMIERI - claims investors will receive their due share.]
REPORTER: Ray Brady

Reporter(s):
Brady, Ray;
Kroft, Steve;
Rather, Dan
Duration:
00:05:50

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