1) Ian Herman took over insolvent airline British Air Ferries (later renamed British World Airlines) in 1991 after its previous owners went bankrupt. He structured an unconventional bid that allowed him to purchase the company for just £10,000 by obtaining ownership of its worthless shares. 2) Herman had no prior experience in the airline industry but was able to turn the company around, increasing pre-tax profits to £2,050,000 in his first year as owner. He did this by surrounding himself with experts in the industry and focusing on the personnel rather than the product. 3) While some questioned whether an industry outsider could successfully run an airline, Herman's experience turning around other failing businesses impressed investors