An investor group headed by investment banker Brian Freeman said on Monday it made an alternative buyout offer for Trans World Airlines Inc. (OTC BB:TWAIQ.OB - news), with $650 million in financing from financier Carl Icahn.

The offer is intended as an alternative to the sale of TWA to American Airlines parent AMR Corp. (NYSE:AMR - news), planned by TWA and AMR. The group said it submitted the offer to TWA's Official Committee of Unsecured Creditors Sunday, and it has submitted a $50 million deposit on the bid. TWA is operating in Chapter 11 bankruptcy.

The group includes Ralph Hellmold of the Private Investment Banking Co., and its proposal...
http://biz.yahoo.com/rb/010305/business_twa_bid_dc.html