As part of the refinancing plan for Texas International Airlines (TIA), Jet Capital acquired control of TIA in 1972, and received 26% of TIA's equity interest and 59% of its voting power for $1.15 million. Lorenzo became its president and Carney its executive vice president in August 1972. The deal was approved by the Civil Aeronautics Board (CAB), which regulated the airline industry in the United States at the time, after a contentious CAB approval process fought with Howard Hughes, who at the time controlled Hughes Airwest.