I vaguely remember an old, old movie featuring some rich woman having a party in a futuristic airship over a city. I think she wore a costume with lightning bolts coming out of her head. I think there was a disaster and people had to parachute out.
Possibly Madam Satan (1930).
http://pre-code.com/madam-satan-1930-review/ (http://pre-code.com/madam-satan-1930-review/)
Sounds right to me.
Thanx guys! Nailed it.