The story
The airline was founded as Turner Airlines in 1948; it was based at Weir Cook Airport (now Indianapolis International Airport) in Indianapolis, Indiana. Lake Central's network in the 1950s extended from Chicago to Pittsburgh; in August 1953 it had scheduled flights to 21 airports, and in May 1968, this number increased to 39.
Like other local service airlines regulated by the federal Civil Aeronautics Board, Lake Central was subsidized; in 1962 its revenue of $10.8 million included $4.2 million of "pub. serv. rev.".
In February 1955 Lake Central Airlines became the first employee-owned scheduled airline in the history of the air transport industry. 162 employees (65% of the total) bought 97.5% of the outstanding stock, 25% outright, and the rest financed over 24 months.
Effective July 1, 1968, the airline was acquired by and merged into Allegheny Airlines. Allegheny later closed the Indianapolis base and sold the Nord 262s, which had proven unreliable. Lake Central had planned on acquiring new Boeing 737-200s, but the order was cancelled.
From Wikipedia’s article on Lake Central Airlines, shared under CC BY-SA 4.0.4
