Eastern Goes Bust

We did not think that Eastern would be any bed of roses when we bought it three years ago," said a haggard-looking Frank Lorenzo. "But I never believed that we would be here today." Thus, six days into a bitter walkout by some 9,000 mechanics, baggage handlers and other members of the International Association of Machinists and Aerospace Workers, Eastern last week became the largest airline in history to go bust. And even as Lorenzo vowed to bring Eastern out of bankruptcy stronger than ever, he conceded that it might be impossible to avoid selling off more of Eastern's already depleted...