Does anyone besides me think that it's very strange that AA would file for BK with $4 billion in the bank? That is unheard of in the airline industry. And they were supposed to have spun off Eagle first which didn't happen. Remember that Arpey was CEO & Chairman of the BOD. And yet the BOD outvoted him to file for BK with so much money in the bank. Just think that something has already been worked out. Some hardline AA employees might not like to hear it but what other explanation is there? AA could have waited a few months or even a year before filing. I know it's too early in the process to figure out what's going on but I am just suspicious for the BK filing right now.
It should be noted that United filed BK with nearly $2 billion in cash and near cash on their books about 9 years ago? If there was a lesson (among many) to be learned from Braniff Airlilnes, it was not to wait until all the cash was gone before filing for bankruptcy. It is all about money and the ability to "re-organize" (i.e. cut debt and hammer contracts) depends having the financial means to do so. Often times companies will look for DIP (debtor in procession) financing to provide the necessary funds, but there are certainly no gaurantees anyone would provide money, especially if there are few unincumbered assets to take as security even as DIP financing provides seniority status over other creditors and stockholders. That was the problem with US Airways filing Ch. 22 (that's Ch. 11 twice) so close together as the first BK DIP financing already liened the available assets, and now there was nothing left for the next round of DIP financing with the second filing. At that point US Airways was less than a week from liquidation due to a lack cash and available DIP financing. I doubt American will require DIP financing in large part because of that $4 billion in cash.
Think of it this way... let's say that an individual found themselves with a large amount of debt in the form of healthcare bills or credit card bills, but lived in a house with a large amount of equity built-up over time and few other assets. Now someone could take a second against the house, and try to pay down those bills which still might not be enough, and end-up with little, or they could file for bankruptcy, protect the house and the equity in the house and dump the credit card and healthcare bills. American's BK filing was essentially an attempt to protect the cash of the company which is the real wealth of the firm as the debts are far greater than available cash. Unless someone expects to get a huge bonus, much like American would need to see fuel prices drop to a $1/gallon, it is best to stop throwing cash in a futile act to get out of debt and to re-organize through bankruptcy.
As an unrelated sidenote, I find the Tempe boys' interests in other airlines as an odd "trade-up" as if they would be looking to find a better airline. Consider that AW had two relatively low profit margin hubs in LAS and PHX, then merge with an airline that has profitable business hubs like PHL, CLT, and DCA, but the result was to dump LAS, and reduce PHX flying by a significant degree. Now we look at a possible AA merger, and the profitability of LAX, DFW, ORD, JFK, and MIA hubs, and I could see another "trade-up" and dumping or reduced flying. This tactic achieves two objectives: 1) reduces seats by removing competition, 2) it allows US to obtain even more profitable hubs. With that in mind, I would suggest PHX and CLT would see reduced flying (especially international), while PHL would have less international flying in favor of JFK.
So Forecasts Jester.
The presumed AA/LLC acquisition (It ain't a merger..) ain't even "a thing", and folks are posting beat downs on AA for being purchased by LLC. 
