What did it cost Trans World Airlines to keep flying after 1995? The answer sat in a ticket contract American Airlines wanted cancelled before it bought the airline in 2001.

In 1999 TWA still boarded 73% of the passengers at St. Louis. In 1991 it had sold three Heathrow routes for $445 million. In 1995 it paid for more time on a loan from Carl Icahn by selling his company seats at 55% of the published fare. From 1995 to 1999, tickets worth $925 million at published fares brought in $514 million, much of it credited against old debts.

What this video covers:
• 1966: Howard Hughes sells his stake in about an hour
• 1984: the parent keeps the hotels and spins off the airline
• 1988: the buyout that paid Icahn $469 million in cash
• 1995: the Karabu ticket deal and Lowestfare.com
• 2001: a court order, a $742 million sale, and the last flight

TWA renewed its fleet and led the country in on-time arrivals. It could not buy back its own seats.

If you ever walked under the curved roof of the TWA Flight Center at JFK, tell us where you were flying.

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Sources:
Trans World Airlines Inc. Form 10-K for fiscal 1999 - U.S. Securities and Exchange Commission, 2000: https://www.sec.gov/Archives/edgar/data/27...
In re Trans World Airlines (TWA v. Icahn), 278 B.R. 42 - U.S. Bankruptcy Court, District of Delaware, 2002: https://static.case.law/br/278/cases/0042-...
Court Approves American Plan to Buy T.W.A. - The New York Times, 2001: https://www.nytimes.com/2001/03/13/busines...
American Airlines Inc. Form 10-K405 for fiscal 2001 - U.S. Securities and Exchange Commission, 2002: https://www.sec.gov/Archives/edgar/data/45...

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Disclaimer: The voiceover used in this video was generated using AI.