NO, OLD MAN, THEY DID NOT MERGE, twa DID INDEED LIQUIDATE; COMPTON EVEN SAID AS MUCH WHEN HE ANNOUNCED THE ASSET PURCHASE TO THE twa EMPLOYEES. SO twa DID IN FACT GO THE ROUTE OF EASTERN IN THAT IT LIQUIDATED. twa INC. TOOK THE CASH IT RECEIVED FROM AA AND DISBURSED IT TO IT'S CREDITORS. IF IT HAD BEEN A MERGER THEN THE twa STOCKHOLDERS WOULD HAVE RECEIVED SOMETHING FROM AA, ALL THE CREDITORS WOULD HAVE BEEN PAID IN FULL, AA WOULD HAVE BEEN OBLIGATED TO PAY THE OUTRAGEOUS AIRCRAFT LEASES twa PAID, AA WOULD HAVE TO HAVE HONORED ICHAN'S KARABU TICKET AGREEMENT, AND twa EMPLOYEES WOULD HAVE KEPT THEIR SENIORITY PROTECTIONS INTACT. THE FACT IS AA ACQUIRED THE twa ASSETS IT WANTED FOR CASH AND THE ASSUMPTION OF CERTAIN LIABILITIES-ONE OF WHICH IS THE HEALTH INSURANCE YOU NOW RECEIVE FROM AA. SO DID YOU TELL AA TO CANCEL YOUR INSURANCE AND PASSES YET?
No need to yell. Why are we rehashing this again? BK was a condition of the purchase to abrogate vendor and employee contracts. Period. It was a well crafted plan.