Originally Posted by
Moose
From Ozzy Osbourne's "Crazy Train"
I thought it might be appropriate this week to talk about what is, in some respects, the Crazy Train.... of Bankruptcy.
I was reminded of the song Crazy Train by something Allied Pilots Association President Dave Bates wrote in his letter to his fellow APA members April 20th after the news broke that he and his fellow union presidents were supporting a US Airways merger.
While writing about AMR's plans for the APA contract that were put forth in the 1113 hearing, Captain Bates noted: "They are on the Harvey Miller high-speed train to terminate our contract in bankruptcy court (Miller was Frank Lorenzo's lawyer at Continental and Eastern. He is now AMR's lead restructuring attorney)."
We kind of liked the high-speed train metaphor a lot, (mainly because we think high speed rail should be built all over the country) but we like the Crazy Train metaphor even more -- primarily because of the "ay ay ay ay" that only Ozzy can pull off. And just wait until that earworm takes hold. Try it. Go listen to it online. You will still be hearing it in your ear after you get done reading this week's issue of PlaneBusiness Banter.
So who is Harvey Miller anyway?
Some of you no doubt remember that Harvey Miller was the infamous lead attorney in the Eastern Air Lines bankruptcy case in the 1980s. If you Google "Frank Lorenzo Harvey Miller" a book called "Grounded" will pop up (by Aaron Bernstein) that chronicles the Frank/Harvey show during the Texas Air/Eastern Air Lines case.
The book "
Grounded" by Bernstein is an excellent read, albeit a Wall Street viewpoint of the EAL/CAL/TexasAir trio and subsequent Eastern strike in '89 and then Chapter 11. Ironically, a trustee
was eventually appointed, in '90, and Lorenzo did lose control; his name was Martin Shugrue,Jr; he passed away in '99. And Shugrue couldn't save Eastern, which folded in January '91. A terrible year in the industry, which also saw Pan Am shut its doors in December.