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CONFIDENTIAL TRANS WORLD AIRLINES 605 THIRD AVENUE NEW YORK, NEW YORK 10016 U.S.A VICE PRESIDENT SYSTEM PLANNING October 12, 1967 Mr. Robert L. Cummings, Jr. President New York Airways, Inc. P. O. Box 426 LaGuardia Airport Station Flushing, New York 11371 Dear Bob: Attached is a draft, and I emphasize the word "draft", of the principal provisions of a proposal to meet the financial needs of New York Airways during the four-year period commencing January 1, 1968. It will be presented for consideration by TWA's Board of Directors at its meeting on the 18th. The attached has been developed without the advantage of having your thoughts and independent of any knowledge as to whether the approach suggested would be of interest to your Board of Directors or to Pan American. Because time may become a critical factor, I am taking the liberty of sending copies of this letter and the attachment to the persons shown. Whether something along the lines of the attached is to be formally proposed by TWA will, of course, depend on the action taken by our Board on the 18th. Very truly yours, [signature] Russel K. Rourke cc: John C. Pirie Samuel C. Park