Eastern posted a profit of $6.3 million on gross revenues of $4 billion in 1984, but this was not enough to satisfy the creditors, who demanded a two percent profit. Borman laid off 1,000 flight attendants and cut the pay of 6,000 more by over 20 percent. He also slashed the pay of executives and middle managers by 20 to 25 percent. In the first quarter of 1985, earnings were up to $24.3 million, 35 cents a share, after setting aside $28.9 million for the employees. It was the third consecutive profitable quarter in a row. Borman attempted to negotiate further cuts with the unions, threatening bankruptcy. The ALPA and TWU accepted, but the IAM did not. Over ten years, the three unions had given up $836 million in wages and benefits, and the company had little to show for it. Charlie Bryan, the head of the IAM, said that the union would accept the deal only if Borman resigned. In response, Eastern's board decided to sell the airline to Texas Air Corporation, headed by Frank Lorenzo. Borman resigned from Eastern in June 1986. It was a personal defeat, but hardly a personal financial disaster; he received a severance payment of $900,000, and drew a consultant's fee of $150,000 a year from it until 1991.