A People Express For The 1990 S?

Bill Hambrecht launches another no-frills, high-risk carrier

Taking fliers on Genentech Inc. and Apple Computer Inc. made William R. Hambrecht a fortune. When it comes to airlines, however, the co-founder and chairman of Hambrecht & Quist Group Inc., the San Francisco investment bankers, hasn't much to brag about. After H&Q underwrote the 1980 initial public offering of People Express Airlines, the stock soared. But the airline folded in 1986, and stockholders lost a bundle. Well, today Hambrecht has returned to the skies--and they are starting to look as cloudy as they were a decade ago.

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