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Encyclopedia > Frank Lorenzo

Francisco A. Lorenzo is an investment manager, entrepreneur, philanthropist, and a former airline CEO in the United States. An Airbus A380 of Emirates Airline An airline provides air transport services for passengers or freight. ...


Since 1990, Frank Lorenzo has been president of Savoy Capital, and professionally devoted to asset management, private investments, and venture capital.


Lorenzo was born to Spanish immigrants in Queens, New York. He graduated from Columbia University in 1961, working his way through College, selling neckties, waiting tables, and driving Coca-Cola trucks. He got admitted into Harvard Business School straight from College, graduated with an MBA in 1963, and went to work in the finance divisions of Trans World Airlines and Eastern Air Lines. For other uses, see Queens (disambiguation) and Queen. ... “NY” redirects here. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... Year 1961 (MCMLXI) was a common year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... The wave shape (known as the dynamic ribbon device) present on all Coca-Cola cans throughout the world derives from the contour of the original Coca-Cola bottles. ... Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. ... Year 1963 (MCMLXIII) was a common year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... Finance is a field that studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... Trans World Airlines (IATA: TW, ICAO: TWA, and Callsign: TWA), commonly known as TWA, was an American airline company that was acquired by American Airlines in April 2001. ... Eastern Air Lines was a major United States airline that existed from the late 1920s until 1991. ...


In 1989 Lorenzo received the John Jay award for Distinguished Professional Achievement from Columbia University John Jay (December 12, 1745 – May 17, 1829) was an American politician, statesman, revolutionary, diplomat, and jurist. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ...

Contents

Continental Airlines

Pre-deregulation and Texas Air

In 1966 Lorenzo and Harvard classmate Robert J. Carney established an advisory business which provided novel airline management recommendations. In 1969 Lorenzo co-founded an aircraft leasing company called Jet Capital Corporation. In 1972 Jet Capital acquired Texas International Airlines (TI), a struggling regional carrier, based at William P. Hobby Airport in Houston, Texas previously known as Trans-Texas Airways. Year 1972 (MCMLXXII) was a leap year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... Texas Air was an airline holding company in the USA that played a significant role in the downfall of the better-known Continental Airlines and Eastern Airlines. ... William P. Hobby Airport (IATA: HOU, ICAO: KHOU, FAA LID: HOU) is a public airport located 8 miles (13 km) southeast of the central business district of Houston, Harris County, Texas, USA. The airport covers 1,304 acres and has four runways. ... “Houston” redirects here. ...


Lorenzo pushed new marketing approaches on the U.S. airline industry, including the first regulator approved low fares (first known as "Peanuts Fares" because some were so startlingly low) and other consumer benefits, like being the first carrier to forbid pipe and cigar smoking on airplanes in 1976 and one of the first U.S. airlines to offer fully computerized airport check-in in 1978.


Lorenzo was active in recruiting a talented and energetic work team. In fact, during the late 1970s, TI was an incubator for much of the talent that would subsequently form the core of other U.S. airlines. Former Lorenzo managers were at some point CEOs, founders, or top executives of existing or new airlines, which included: JetBlue, People Express, TWA, New York Air, Midway Airlines, Chicago Air, Presidential, and others. jetBlue Airways (NASDAQ: JBLU) is an American low-cost airline. ... People Express Airlines, aka PEOPLExpress, was a U.S. no-frills airline that operated from 1981 to 1987. ... The Twa, also known as Batwa, are a pygmy people who were the oldest recorded inhabitants of the Great Lakes region of central Africa. ... New York Air was a 1980s startup airline owned by Texas Air Corporation and based at LaGuardia Airport in New York. ... Midway Airlines refers to two airline companies in the United States. ... Chicago Air was a regional airline carrier that operated in 1986 and exchanged passengers with all-jet Midway Airlines (ML) at Chicagos Midway Airport. ... For the pop band, see Presidents of the United States of America. ...


The combination of cost rationalization with marketing, pricing, and service innovations returned TI to profitability and in 1977, Lorenzo was awarded the Aviation Week and Space Technology Laureates Award during an event held at the Smithsonian Institution's National Air and Space Museum. Categories: Stub | Science & technology magazines ... The Smithsonian Institution Building or Castle on the National Mall serves as the Institutions headquarters. ... National Air and Space Museum exterior The National Air and Space Museum (NASM) of the Smithsonian Institution is a museum in Washington, D.C., United States, and is the most popular of the Smithsonian museums. ...


New York Air

In 1980 Lorenzo created a holding company for TI called Texas Air Corporation. Shortly after forming Texas Air, Lorenzo started a new airline called New York Air (NYA), the first post-deregulation airline. New York Air was based at New York's LaGuardia Airport, very near the Queens neighborhood where Lorenzo grew up. New York Air would become Lorenzo's challenge to the expensive Eastern Airlines Shuttle, and provided cheaper and more frequent (hourly) flights between New York, Boston and Washington-National. The ALPA pilots' union fought it vigorously. Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ... Texas Air was an airline holding company in the USA that played a significant role in the downfall of the better-known Continental Airlines and Eastern Airlines. ... New York Air was a 1980s startup airline owned by Texas Air Corporation and based at LaGuardia Airport in New York. ... LaGuardia Airport (IATA: LGA, ICAO: KLGA, FAA LID: LGA) is an airport serving New York City, New York, United States, located on the waterfront of Flushing Bay, and borders the neighborhoods of Astoria, Jackson Heights and East Elmhurst in the borough of Queens. ...


New York Air grew rapidly, adding scheduled services from LaGuardia to Cleveland, Buffalo, Detroit, Louisville, and other cities, before eventually being folded into today's Continental Airlines. Continental Airlines (NYSE: CAL) is a US certificated air carrier. ...


Continental Airlines

In 1981 Texas Air initiated the takeover of Continental Airlines. Texas International was merged into Continental Airlines in June 1982. TI ceased to exist and the "new Continental" relocated its headquarters to Houston. Lorenzo was determined to build Continental into a low-cost full-frills airline, focusing on profitable routes, in order to reach sustainability in the new free-for-all deregulated marketplace. Continental Airlines (NYSE: CAL) is a US certificated air carrier. ...


Lorenzo took Continental into Chapter 11 bankruptcy in September 1983 after extensive negotiations with labor unions proved unsuccessful. Bankruptcy, up to 1984, allowed immediate cessation of union contracts and imposition of new labor conditions, subject to later Court approval and revision. A more streamlined Continental emerged out of bankruptcy shortly after the original filing and the Bankruptcy Court approved management’s measures. Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ... Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, put into administration—see text) in the United Kingdom. ...


In 1985, Texas Air attempted a takeover of Trans World Airlines. Although TWA's management favored Lorenzo over Carl Icahn, TWA's unions feared Lorenzo and negotiated special concessions with Icahn. TWA's Board eventually accepted Icahn's offer. This article is about the year. ... A takeover in business refers to one company (the acquirer, or bidder) purchasing another (the target). ... Trans World Airlines (IATA: TW, ICAO: TWA, and Callsign: TWA), commonly known as TWA, was an American airline company that was acquired by American Airlines in April 2001. ... This article or section does not cite any references or sources. ...


Frontier and People Express

In 1985, Lorenzo's Texas Air Corp. made an offer for a Denver-based regional carrier, Frontier Airlines, opening a bidding war with People Express, which was headed by Lorenzo's former TI associate Don Burr. Frontier Airlines was formed by a merger of Arizona Airways, Challenger Airlines, and Monarch Airlines on June 1, 1950, with headquarters at Stapleton Field in Denver, Colorado. ... People Express Airlines, aka PEOPLExpress, was a U.S. no-frills airline that operated from 1981 to 1987. ...


PeopleExpress placed the highest bid and paid a substantial premium for Frontier's high-cost operation. On August 24, 1986 Frontier filed for bankruptcy and ceased operations. Texas Air acquired PeopleExpress on September 15, 1986, at the same time gaining Frontier, which reinforced Continental's already formidable Denver hub. is the 236th day of the year (237th in leap years) in the Gregorian calendar. ... Year 1986 (MCMLXXXVI) was a common year starting on Wednesday (link displays 1986 Gregorian calendar). ... is the 258th day of the year (259th in leap years) in the Gregorian calendar. ... Year 1986 (MCMLXXXVI) was a common year starting on Wednesday (link displays 1986 Gregorian calendar). ...


On February 1, 1987, People Express, New York Air, and several commuter carriers were merged into Continental Airlines to create the sixth largest airline in the world. is the 32nd day of the year in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... Continental Airlines (NYSE: CAL) is a US certificated air carrier. ...


Eastern Air Lines

Lorenzo pursued negotiations with another troubled carrier that suffered the deregulation marketplace, Eastern Air Lines. Lorenzo acquired Eastern on February 24, 1986 and started working on its turnaround and possible integration with Continental. Eastern Air Lines was a major United States airline that existed from the late 1920s until 1991. ... is the 55th day of the year in the Gregorian calendar. ... Year 1986 (MCMLXXXVI) was a common year starting on Wednesday (link displays 1986 Gregorian calendar). ...


Some of Eastern's assets were used to create a world-wide reservation system, System One, and Continental's hub at Newark Airport. Lorenzo divested non strategic assets such as the Eastern Shuttle, which was sold to Donald Trump, and the South American route system, sold to American Airlines. Donald John Trump (born June 14, 1946 in Queens, New York, New York) is an American business executive, entrepreneur, television personality and author. ...


The machinist, fight attendants, and pilot unions struck in 1989. A labor agreement needed to be reached under the new Bankruptcy Law. Eastern's unions were extremely militant.


President George H. W. Bush did not act on a National Mediation Board recommendation to appoint a presidential emergency board to attempt to reach a labor agreement. The Bankruptcy Court named a trustee to run Eastern in 1990. Eastern Airlines ceased operations and was liquidated in 1991. George Herbert Walker Bush (born June 12, 1924) was the 41st President of the United States, serving from 1989 to 1993. ...


Divestiture from Continental

In 1990, Frank Lorenzo successfully sold his controlling interest in Continental Airlines to Scandinavian Airlines System, and stepped down from his CEO role to pursue other entrepreneurial and investment ventures. Scandinavian Airlines System or SAS is a multi-national airline for Denmark, Norway and Sweden, and the leading carrier in the Scandinavian countries, based in Stockholm, Sweden and owned by SAS AB. It is a founding member of the Star Alliance. ...


Investment Manager

Lorenzo founded Savoy Capital, Inc. in 1990. Savoy is a professional asset management organization which invests on behalf of accredited investors.


Philanthropy

Lorenzo is a trustee of The Hispanic Society of America, an institution with a free-entrance museum of Art. The museum is located in NY, and houses the largest collection of Spanish art outside Spain, with major paintings by Velázquez, Goya, Zurbaran, El Greco, and Sorolla. The Hispanic Society of America is a museum of Spanish, Portuguese, and Latin American art and artifacts, as well as a rare books and manuscripts research library. ... Velázquezs 1643 self-portrait This article pertains to the artist. ... This article is about Francisco Goya, a Spanish painter. ... Francisco Zurbarán (November 7, 1598 – August 27, 1664), was a Spanish painter, born at Fuente de Cantos in Extremadura. ... El Greco (The Greek, 1541 – April 7, 1614) was a painter, sculptor, and architect of the Spanish Renaissance. ...


Lorenzo has been a donor and contributor to other Arts and charitable organizations.


References

This article is about the conservative journalist and commentator. ... National Review (NR) is a biweekly magazine of political opinion, founded by author William F. Buckley, Jr. ... is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ...

External links

  • Hispanic Society to move to downtown Manhattan [3]

  Results from FactBites:
 
Frank Lorenzo - Wikipedia, the free encyclopedia (1351 words)
Frank Lorenzo was also the name of a neighbor on the television sitcom All in the Family.
Lorenzo was born May 19, 1940 to Spanish immigrants in Queens, New York.
Lorenzo and Burr continued to disagree philosophically, however, and Burr left shortly after the passage of the Airline Deregulation Act of 1978.
Frank Borman - Wikipedia, the free encyclopedia (569 words)
Frank Frederick Borman, II (born March 14, 1928) was a NASA astronaut, best remembered as one of the three crewmembers of Apollo 8, the first mission to fly around the Moon.
Frank Borman was played in the HBO miniseries From the Earth to the Moon by David Andrews.
Frank Borman is famous (or infamous) for his reading of the Book of Genesis during a TV transmission on Christmas Eve on Apollo 8.
  More results at FactBites »

 
 

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