Editing Trans World Airlines (section)

====Charles C. Tillinghast Jr.====
[[File:Convair 880 N830TW TWA ORD 24.04.71 edited-3.jpg|thumb|right|TWA added the [[Convair 880]] jet airliner to its US-based fleet beginning in 1960.]]
In 1960, Hughes relinquished control of the airline, as the major stockholder, through the financial terms associated with the jet purchase. As a consequence of that deal, [[Charles C. Tillinghast Jr.]] took over as president. The battle over Hughes' control continued in court until 1966 when Hughes was forced to sell his stock. That sale brought Hughes $546,549,771.<ref name=Noah/>{{rp|289,299–300}}

Under a plan put together by [[Dillon, Read & Co.]], a $165 million loan was raised to fund a 45-jet fleet. The deal was signed on December 30, 1960 by Hughes' lawyer Raymond Holliday, who constituted one member of a three-person voting trust, with the other two members, [[Ernest R. Breech]] and [[Irving S. Olds]], represented the financing institutions. On June 30, 1961, TWA filed a federal suit against Hughes, Hughes Tool Co., and Raymond Holliday. Then on April 18, 1962, TWA filed a Delaware suit against Hughes and Hughes Tool Co. On January 10, 1973, the [[Supreme Court of the United States|U.S. Supreme Court]] ruled against TWA in the federal case. However, on May 15, 1986, Delaware ruled in favor of TWA for the state case, eventually awarding TWA $48,346,000.<ref name=Rummel/>{{rp|363,372,382,384,388–389,401–402,406–407}}<ref name=Karash/>{{rp|39–40,45}}

TWA started operating its Convair 880s on January 12, 1961 but would report a [[net loss]] of $38.7 million for 1961. TWA reported a [[net income|net profit]] of $19.8 million in 1963, $37 million in 1964, and $50.1 million in 1965. TWA stock went from $7.5 per share in 1962 to $62 in 1965.<ref name=Rummel/>{{rp|376,378,399}}

Under new management, the [[Trans World Corporation]] (TWA's holding company) expanded to purchase [[Hilton Hotels]], [[Hardee's]], Canteen Corp., and [[Century 21 (real estate)|Century 21 Realty]]. Employment grew to nearly 10,000 employees.<ref name=Rummel/>{{rp|44}}<ref name=Karash/>{{rp|52}} In 1964, TWA started a program to assist in the United States export expansion effort that became known as the TWA MarketAir [[Corporate Logo]] to promote business passenger air travel and as a marketing tool to be used in air cargo sales. This marketing effort was initiated by the Senior Vice President, of Marketing, Thomas B. McFadden, in collaboration with the Bureau of International Commerce, important U.S. financial institutions, and export expansion entities to offer tools that small and medium-sized U.S. companies could use at low or no cost to expand their exports. Staff management of this program was under the direction of Joseph S. Cooper. A key element of this program was the ''MarketAir Newsletter'' in a number of languages targeted to American exporters and international travellers.<ref>''Journal of Commerce''. August 31, 1965</ref>{{full citation needed|date=February 2023}}<ref>''Travel Magazine''. September 1965</ref>{{full citation needed|date=February 2023}}

In 1964, TWA opened its New York office.<ref name=Karash/>{{rp|46}}