At the time of the offer, January 10, 2001, TWA had 157 million in cash. TWA typically lost 50-125 million in the first quarter. They had a 100 million note due January 30 which was to be rolled over. It is true that the sale of Worldspan was restricted. Bill Compton testified before the U.S. Senate that "the bankruptcy was AA''s idea." Although finances were shaky at TWA as they had been for several years there was no plan to re-enter C-11 or C-7. Typical of AA''s way of getting what they want, there was a lot of dire threats about the demise of TWA. If members of the TWA BOD are to be believed, TWA was not about to go out of business. There were two plans for restructuring, merger with American West or a financial infusion of capital from Boeing. Boeing was insisting on a change of leadership at the top of TWA before any infusion of capital. There was a lot of spin and hype by AA to make the circumstances look dire. But then that is the AA Way, create anxiety to get what you want.