The TWA saga and Hughes

A website called 24/7 Wall Street, in a story about airline bankruptcies, offers this historical synopsis:

"TWA was Pan Am’s most formidable competitor for several decades. It was started in 1930. By 1938, TWA was running commercial flights around the US using DC-3 aircraft. Flying enthusiast Howard Hughes bought stock in the airline. A pilot’s strike in 1946 allowed Hughes the opportunity to put up the capital to take control of the troubled company. Hughes pushed the carrier into the Asian and European markets, putting TWA head-to-head with Pan Am. TWA began buying into the jet market, beginning service in 1956. It was aggressive in adding to its fleet, and in 1969 it moved ahead of Pan Am in total trans-Atlantic traffic and by 1988 it controlled over 50 percent of that entire market. Its dominance did not last long. Most of the European flag carriers and emerging U.S. airlines led by American and United wanted to cash in on the lucrative routes. Raider Carl Icahn took over the company in 1985. He had hoped to make money selling off the firm’s assets. The plan did not work and TWA filed for Chapter 11 in 1992. It operated under court protection and made a run at the domestic market that failed in 2001 when American bought its remaining assets."

Hughes wasn't involved with TWA after the mid-1960s, but this paragraph seems interesting in its entirety anyway.