OnePercenter
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- Apr 10, 2013
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Cerberus Loots Bankrupt Airline's Health Care Account*|*James P. Hoffa
Cerberus Loots Bankrupt Airline's Health Care Account*|*James P. Hoffa
World Airways was a profitable company until another private equity firm, MatlinPatterson, came along and loaded it with debt. They collected handsome fees and interest until Cerberus -- run by former Vice President Dan Quayle and former Treasury Secretary John Snow -- threw the airline in the trash along with its employees. Many of the flight attendants and pilots had served their country and company since the Vietnam War.