The shares of the new AAL going to former shareholders will be determined on a forward basis, based on the average closing price over today and the coming 180 days. The higher the price, the fewer shares those shareholders get and the greater percentage of the whole will be owned by the former US Airways (LCC). So there are investors who want a higher price, or some short-covering, so the AAMRQ holders get a lower exchange ratio. The initial exchange ratio was only about .0665 of a share:
It's 2 moving prices, and it should settle in 180 days.
The WSJ had a long article about it and a 3-part graphic showing what portion would be owned by the former AAMRQ and LLC shareholders.
Here's a release from today:
FOR RELEASE: Monday, December 9, 2013
AMERICAN AIRLINES GROUP ANNOUNCES EQUITY DISTRIBUTION UPDATE
FORT WORTH, Texas – Today’s consummation of the merger between AMR Corporation and US Airways Group, Inc. and the effectiveness of AMR’s Plan of Reorganization (the “Plan”) will result in the distribution of American Airlines Group Inc. common stock (NASDAQ: AAL) and convertible preferred stock (NASDAQ: AALCP) to equity holders, creditors and employees of AMR Corporation.
American Airlines Group Inc. has determined that holders of AMR common stock (formerly traded under the symbol: “AAMRQ”) will receive, for each share of AMR common stock, an initial distribution of approximately 0.0665 shares of AAL in connection with the occurrence of the effective date of the Plan. AAMRQ holders may in the future receive additional distributions based on the trading price of AAL common stock during the 120 day period after the effective date and the total amount of allowed claims, in each case, in accordance with the terms of the Plan.
sec.gov |
