Peter V. Ueberroth's vow to resurrect ailing Eastern Airlines crumbled along with the hopes of its striking unions when his $464 million deal for the carrier evaporated before it was a week old.
The ex-baseball commissioner announced the failure of his proposed takeover Wednesday after tumultuous negotiations between his aides and Eastern's parent Texas Air Corp. reached an impasse in federal bankruptcy court.The judge moved immediately to attract other buyers.
"Our agreement with Texas Air is terminated, it's finished, it's over," Ueberroth said.
Ueberroth, who had described the deal as a historic opportunity for business-labor cooperation when it was announced April 6, said his investor group did not plan to make a new offer.
But Charles Bryan, head of Eastern's Machinists union, said in several television interviews Thursday he thought Ueberroth was still in the picture.
"Peter Ueberroth has said (it's over) a couple of times in the past during these negotiations," Bryan said on the NBC "Today" show.
"He could very well come back, as well as many other possible buyers," Bryan said.