Trans World Corporation
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.
In 1992, private equity firm, Kohlberg Kravis Roberts acquired a 47% interest in TW Corporation, later known as The Flagstar Companies, and encouraged the company to sell non-core businesses. The food service unit which had moved in and out of bankruptcy would change its name to The Flagstar Companies in 1993 with a portfolio of businesses including Volume Services America, 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.
- Transamerica Corporation - One of the first conglomerate airline holding companies, in the U.S. prior to Trans World Corporation founding.
- Kohlberg, Kravis Plans Stake in TW. New York Times, June 26, 1992