In 1939, he quit studying law and enlisted in the United States Navy to become a pilot. Prescott completed training and qualified as an aviator, and was commissioned as an ensign in 1940. He became an instructor at the naval flying school in Pensacola, Florida. He resigned his commission in September 1941 to join the American Volunteer Group to fight the Japanese in China. Before the AVG disbanded in the summer of 1942, he was credited with either 5.5 or 6 victories. Rather than follow his commander, Claire Chennault, and a few of his comrades into the US military, Prescott returned to Fort Worth, where he was interviewed by Fort Worth Press journalist Helen Ruth. In 1943, he returned to Asia and, as an employee of the China National Airways Corporation, made over 300 supply flights over "the Hump" into China. After returning to the United States in 1944, he married Helen Ruth. He was the co-pilot of the "Mission to Moscow" flight of US Ambassador Joseph E. Davies.
Flying Tiger Line
In 1945, Prescott met a group of businessmen headed by Los Angeles oil magnate Samuel B. Mosher who were interested in starting a cargo airline to serve the west coast of the United States and Mexico. He convinced them that it would make better business sense to cover all of the continental United States instead. They agreed to match whatever funds Prescott could raise. He raised $89,000 and recruited nine of his Flying Tigers pilot buddies, many of them fellow aces: William Bartling, Clifford Groh, C. H. "Link" Laughlin, Thomas Haywood, Robert Hedman, Ernest "Bus" Loane, Robert J. "Catfish" Raine, Joseph Rosbert and Richard Rossi. The National Skyway Freight Corporation was established on June 25, 1945, with Mosher as president and Prescott as managing director. The new company's motto was "We'll Fly Anything, Anywhere, Anytime". Prescott purchased 14 Budd RB Conestoga Navy surplus cargo planes for $140,000, then sold six at a profit. Their first shipment took place in July. They lost $21,000 the first month of operations and $12,000 the second, but were making a profit by the third. However, the charter freight airline began to have financial trouble, so Prescott applied to the Civil Aeronautics Board for a certificate allowing scheduled services. In the meantime, salvation came in the form of a six-month contract with the US Army's Air Transport Command for pilots and maintenance services, later extended to November 1947. In 1947, the company's name was changed to Flying Tiger Line. It was "the nation's first regularly scheduled transcontinental all-freight company." The company prospered and expanded, and Prescott remained its only president and chief executive officer until his death in 1978.
Death
Prescott died of cancer at his home in Palm Springs, California, at the age of 64. His 11-year-old son, Peter, was killed in a Learjet crash near Palm Springs in 1965; he also had two daughters. Prescott's widow, Dr. Anne Marie Bennstrom, invented the "V-bar" physical therapy device while a physical medicine intern in Sweden. It achieved significant commercial success when marketed under the "Thighmaster" name.
