Anti-Lorenzo Amendment: The House, in a slap...

Anti-Lorenzo Amendment: The House, in a slap at airline owner Frank Lorenzo, voted to bar buyouts of major airlines by persons who previously have taken more than one airline into bankruptcy. The amendment to a bill requiring government approval for airline takeovers was approved on a 283-132 vote. Final action on the bill was put off until today. The amendment was offered by Rep. Doug Bosco (D-Occidental), who said it was intended to protect airline customers, employees and creditors from corporate raiders. Lorenzo heads Texas Air Corp., which owns Continental Airlines and Eastern Airlines. In 1983, Lorenzo took Continental into bankruptcy and, Bosco said, fired 8,000 workers. Earlier this year, Eastern also declared bankruptcy and thousands of Eastern employees were put out of work.