Al Checchi's Steady Course Through The Maelstrom

When financier Al Checchi bought Northwest Airlines Inc. for $3.65 billion in July, 1989, he pledged not to behave like a typical corporate raider. He insisted he wouldn't auction the airline piecemeal to pay the debt. He swore he would expand. But then recession and the gulf crisis sent the industry into a tailspin. Suddenly, Checchi seemed poised to follow Carl Icahn and Frank Lorenzo into the ranks of raiders undone by the industry's violent mood swings.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.