I haven't heard the name Frank Lorenzo in years. I wasn't really aware of what was going on with them. I was sad to see a legacy airline go.
For those of a younger vintage, the airline turmoils of the Reagan era are probably ancient history, but some of us remember well. Deregulation in 1978 suddenly made obsolete the business model of the entire legacy airline industry, which fairly quickly devastated the weaker members of the legacy club, made fertile ground for aggressive non-union startups, and fostered the careers of "robber barons" such as Frank Lorenzo, Carl Icahn, and the like.
The business friendly policies of the Reagan years led to the ignoring of antitrust and labor relations laws and a feeding frenzy of union busting, hostile takeovers, and the rise of the robber barons who accumulated great wealth buying ailing companies cheap, selling off assets, busting their unions, and running them as cash cows until they had sucked them dry, then liquidating them.
Frank Lorenzo started off with Trans Texas Airways, then started New York Air, acquired People Express, Continental, and Eastern, all highly leveraged and to be paid for out of the savings he would make on personnel costs. He "synergized" the operation by short term leasing aircraft back and forth between the different operating certificates without bothering to repaint the planes. I remember deadheading on an Eastern flight to pick up one of our planes mid-sequence and finding Eastern, Continental, and People Express emergency cards in the seat pocket of a plane painted in New York Air colors.
Inflight visual traffic ID in the hell hole that was Newark was a horror show. ATC would point out traffic as a "red Eastern", a "white Apple", or a "brown Continental" dependent on which company's livery was operating which company's flight. It got so Frank's pilots would check on frequency with a chuckle in their voices with their airline, flight number, and color acheme.
A longtime friend of mine who was a Continental captain was asked by his mom to get her a pass on his airlne to Honolulu and back. He refused and bought her first class tickets on United instead.