In 1967 , when the airline sought to diversify into other areas of business, a key investment was Hilton International Hotels, the non-American interests of the Hilton Hotels chain. (Because of this split, the Hilton International chain had to call its hotels in America Vista, while future overseas locations of the American Hilton chain were called Conrad International. This operation was later sold by Trans World Corporation while under the leadership of Charles C. Tillinghast Jr. the CEO of TWA and the first known to receive a golden parachute employment contract.
Trans World Corporation, the owners of the airline company, and TWA's successor Chief executive officer (L. Edwin Smart), spun off Trans World Airlines and sold it to Carl C. Icahn in 1983, and the holding parent company that owned TWA was then liquidated
As a result of both companies Trans World Airlines and Trans World Corporation being publicly traded prior to the spinoff, public records permitted analysis which indicates "wealth transfer" of a sale of TWA was as much a reason for the sale of TWA as was a desirability to "restructure union contracts." Conversely, it was circa 1982-1984 when UAL Corporation and AMR Corporation, the parent companies of American Airlines and United Airlines first took shape. This period is also an era marked by extremely competitive airline industry forces fighting for deregulation survival along with fighting for opportunities of vast individual creations of wealth characterized by those accumulated by leading industry figures but sullied names such as Frank Lorenzo and Carl Icahn during the 1980s.
L.Edwin Smart was to remain head of TW Services Inc., the successor of Trans World Corporation which remained headquartered in the same building and shared many directors as the Trans World Corporation holding company. The holding company then changed its name, first altering it slightly to Transworld Corporation, then to TW Services, reflecting its continued use of the TW ticker symbol on the NYSE. - which was to become a business centered around food services and retirement care.
The food service unit which moved in and out of bankrutpcy would become Flagstar in 1993 and would own Hardee's, Quincy's Family Steakhouse, El Pollo Loco, Canteen Corporation and Denny's. It would become Advantica in 1998. Today the remnants of the corporation are Denny's.
Trans World Corporation was the predecessor of the way and manner in which, many of the airlines with holdings and holding parent companies conduct and create their business structural organization as shown by the following guide.