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Why did Icahn take TWA private?

In 1988, Icahn took what many consider the first step toward the airline’s demise: He took TWA private. Icahn received $469 million in the deal, and TWA got something a little less attractive: $540 million in debt. That was just one manifestation of Icahn’s short-term–gain thinking. “Icahn wanted it to be a low-cost, low-fare airline,” says Casey.

How much money did Icahn spend on TWA?

In 1988, Icahn took TWA private, receiving $469 million in the deal - equivalent to $1.01 billion in 2020. The agreement also meant that TWA would take on $540 million in debt - $1.17 billion in today's dollars. In 1991, Icahn sold TWA’s coveted London routes to American Airlines for $445 million.

Why did Icahn leave TWA?

In 1992, TWA was forced to file for bankruptcy and Icahn was ousted from the airline a year later. However, he wasn't done damaging TWA. When Icahn left, he arranged to have the airline give his company, Karabu Corp., tickets at a 45 percent discount off regular fares.

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