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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Dr. Jeff who wrote (208476)12/9/2002 10:19:34 AM
From: who cares?  Read Replies (1) of 436258
 
UAL flat, why does the thing have a bid?

Because people like to dream. Company says we'll come out of BK, so people are stupidly thinking buying some stock will somehow benefit from that. Forget the fact that even the soft touch federal government wouldn't loan them money because there turnaround business plan wouldn't work.
These union guys own 55% of the company, but the bond holders, the 12 cents on the dollar guys hold the rights to 97% of the assets, like planes, airport terminal leases, etc.
The bond guys basically own an airline and can tell these union guys cut your labor way the hell down or we liquidate it, and by the way your stock is worthless. The union guys can say, screw you, just try to sell those planes and crap with the gluts that's already on the market. So they'll drag in all out for a long time, the passenger count will fall some no matter what they try, and the passengers they do have will be people trying to use up their frequent flyer miles. They're toast in other words.
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