In 1987, an American man paid $400,000 for a lifetime ticket and 20 years later the airline regretted it
Wen Shi Lu edit | | the south south Shi Lu if the plane normal for everyone, even for many families is still expensive, but the bullet is not can’t accept it.But what if it was 35 years ago?In those days it was a rarity to even see an airplane, let alone fly in one.But can you imagine a guy in 1987 in the United States willing to pay $400,000 for two first-class lifetime tickets?It all started 35 years ago.The American, Steve Rothstein, had become a well-known banker in his twenties and a bit of a local celebrity.In my country, being a banker is a secure job.But in the United States, a country prone to financial crises, it’s a risky occupation.Sure enough, in April 1979, the financial crisis hit.The crisis lasted four years until the end of 1982.But the impact of the financial crisis is far from a shock to one industry.Because of the length of the crisis, people will doubt its end for a long time to come.Coincides with this critical moment, people’s mind for investment has gradually calmed down, mentality began to tend to the more stable bank.And it makes Steve Rothstein a lot of money.At the same time, the development of mechanical automation led to the development of aviation.A variety of routes, flights in full swing, people will also gradually put the focus on tourism.So in 1987, an airline introduced a new fare, first-class for life.That is to say, customers only need to spend a one-time price, they can enjoy the first-class flight at any time of the airline for life.If it is restricted, it is for personal use only and cannot be transferred or sold to others.But that’s fine. Most lifetime products come with this restriction, which is understandably normal.Of course, this ticket once launched, attracted many people’s interest.But people gasped when they saw the ticket prices.A quarter million dollars.It cost a quarter of a million dollars to buy the ticket.What is this concept? It would cost 1.5 million RMB to convert into RMB, which was undoubtedly an astronomical figure in those days.Remember that a private jet at this time is only between $60,000 – $100,000, $200,000 is the price of a luxury private jet.It’s like buying a lifetime bus pass with a bus company for 20,000 yuan. It may seem like a good deal, but it’s not.Since airlines dare to do so, the internal nature is to do calculation.A quarter of a million dollars, for most Americans, is also an astronomical figure, basically can pay, is not the local tycoons, or well-known successful people.At that time, this group of people have a common characteristic, is older, each have their own career, or absorbed in the family, no longer young to play.Even when flying, it is mostly for business or family trips.But a lifetime ticket would only offset the cost of one person’s ticket, leaving everyone else to pay.This time around, it’s hard to tell whether the airlines have made or lost money.In particular, according to airline statistics, the rich spend as much as $10,000 a year on air tickets.If you buy a lifetime ticket, you need to do that for the next 25 years to make it worth it.Twenty-five years is a long time, and it’s hard to tell if they’re rich or not.Besides, airlines can also raise a large amount of funds in a short period of time for turnover and solve economic problems.This is a clever way to kill three birds with one stone.But airlines are smart, and outsiders are no fools.After a simple calculation, the media came to the conclusion that this is a new scam launched by the airline.However, Steve Rothstein didn’t think so. He was intrigued when the first-class lifetime ticket was first introduced.Because of his work, he often has to travel around the world, and he has nothing to do in his daily life, such a ticket would be very convenient.Not only that, But Steve Rothstein not only paid $250,000 for a first-class lifetime ticket, he was also willing to pay an additional $150,000 for a vice ticket.A secondary ticket needs to be bound to the main ticket and can take one more person on the flight at a time.At the time, Steve Rothstein thought simply, you always need a secretary to work abroad.Steve Rothstein’s $400,000 purchase of two lifetime first-class tickets, which he can’t be sure how many times they will be used, has caused a stir in the local community, and many people are waiting to see his joke.But Steve Rothstein doesn’t have the luxury of dealing with reporters.After simply dealing with reporters, Steve and his secretary boarded a flight to Switzerland the day after he bought his ticket.As a young banker, Steve Rothstein’s most frequent destination was Switzerland, and the plane ticket was a boon.What no one expected, however, was an accident.In October 1987, black Monday occurred in the United States.This event directly caused the Wall Street stock market crash, countless people lost their homes, countless factories closed, affected the industry is not countless.Unfortunately, Steve Rothstein’s bank bears the brunt.In fact, this is also predictable, any time the first to be affected is the financial industry.The crash cost Steve Rothstein dearly, but more importantly, the economy never recovered from 1989 to 1993.Steve Rothstein struggled with it every day, and even broke his back to focus on playing.While his daughter was studying abroad, Steve Rothstein had plenty of time to spend with her, driving her to and from school every week.Of course, with the very same first-class lifetime ticket.Come to think of it, it’s a good thing you paid $400,000 for those first-class lifetime tickets, or you could have lost everything you invested in them.Steve Rothstein felt better about his decision than he had ever felt before.Airlines, however, are less happy.The financial crisis isn’t just affecting Steve Rothstein, it’s affecting airlines, too.Especially after everyone has less money in hand, there are not many people who have leisure and elegance to take planes, and many flights are running at a loss.And in the case of Steve Rothstein, it was exacerbated by the fact that sometimes he was the only one on the plane, which was the rhythm of the flight as a private jet.This immediately caused the airline dissatisfaction, sent someone to negotiate with Steve Rothstein, and even willing to pay the original price of the ticket back.How could This Steve Rothstein agree to, in his words, that I’m short of money?The two sides parted on bad terms.What no one expected, however, was that in the midst of the national economic downturn, Steve Rothstein had nothing to do but get even worse.In addition to being a banker, Steve Rothstein is also a Los Angeles Lakers fan who used to have no time because he was busy. Now he has nothing but time.Steve Rothstein was at every Lakers game.It’s a fanatic, but painful for the airline.Steve Rothstein, in particular, came into contact with the European Cup by chance, and was deeply attracted by it, and went to watch the European League every once in a while.Even so, Steve Rothstein didn’t waste his vice ticket.Every time he met someone who missed a flight or needed help, he took them on the plane and didn’t charge them anything.Steve Rothstein has made nearly a thousand trips to and from Europe over the years.The move has completely ignited the airlines’ ire.After internal deliberations, the airline decided to take back the two lifetime first-class tickets by any means possible.In the beginning, the airline was relatively restrained. In the spirit of the contract, it sent two people to talk to Steve Rothstein, asking him to refrain from using his first-class lifetime ticket twice a month.But it certainly didn’t suit Steve Rothstein, who bought the ticket for an unlimited number of times.In desperation, the airline settled for the next best thing, agreeing to pay $400,000 to get his ticket back.But that’s still unacceptable to Steve Rothstein, who now enjoys the added value of airline tickets rather than ordinary money.The discussion ended in such bad humour.The airline spent the next few years trying to negotiate with Steve Rothstein, willing to pay as much as $2 million, eight times what it had paid for a ticket.But they were all rejected.With Steve Rothstein refusing to bend, the airline finally lost all patience and called in the legal department to find a breach in the contract.Not to mention actually letting the airline catch you.In 2008, the airline managed to find two passengers.The two men insisted that they had received help from Steve Rothstein and paid for the flight.Now he’s breaking a treaty not to use lifetime tickets for profit.The airline took Steve Rothstein to court.On the opening day, not only attracted numerous media, but also a large number of passengers gathered in front of the court to protest.In the end, however, the judge ruled in the airline’s favor and successfully recovered the two first-class lifetime tickets.The lawsuit is now over, but the airline’s unscrupulous attempts to outsmart consumers are still scandalous.