Nasdaq To Delist Us Airways

[jimntx]

By Eric Gillin
TheStreet.com Staff Reporter
9/15/2004 10:42 AM EDT
Click here for more stories by Eric Gillin

US Airways' (UAIRQ:Nasdaq - commentary - research) shareholders looking for a stock quote will need to use a different ticker, starting Wednesday. After filing for Chapter 11 bankruptcy protection on Sunday, the Nasdaq Stock Market is delisting the company, which now trades as "UAIRQ."

The carrier's common stock will stop trading on the Nasdaq as of Sept. 22, once again moving back to the over-the-counter market. This is the second time in two years US Airways has been booted from an exchange and forced to trade on the pink sheets, where liquidity is thin. In reaction, shares of the carrier were down 14 cents, or 13%, to 94 cents.

As of 1421 EDT, the stock was down to 83 cents. Now accessed as UAIRQ.

 

[usair_begins_with_u]

Too bad.. it could have stayed alive on the nasdaq... once its delisted, the stock price will go down below 10 cents... mark my word.


People were buying yesterday at $1.10 IDIOTS!!!!

 

[Fly]

Why? Isn't UAL delisted?

 

[usair_begins_with_u]

United is traded under UALAQ OTC (over the counter), its not listed on a major exchange. Uair will be traded over the counter just like United. The major exchanges NYSE, NASDAQ dont like to carry stocks operating under BK protection.

 

[Fly]

So why would it only trade for 10 cents? United is still over $1.00 (barely), and has been for ages.

 

[usair_begins_with_u]

Hmm I dont know.. maybe because NONE of its assets are unsecured, it has no DIP financing this time around in BK, and maybe, just maybe the street is starting to catch on to the fact that most Uair employees would rather see the company liquidate than take more pay cuts. United also doesnt have a big loan from the ATSB they can't pay back either.

The only people buying this stock were gamblers, and people trying to cash in off fluctuations.. no one.. and I mean NO ONE believes in the long term viability of Uair common stock.. last trip out of BK comon stock holders didnt see a penny.

 

[Fly]

maybe true. Just read this from the Wall Street Journal:

Vultures Circle Over US Airways' Main RoutesFrequent Fliers May Find Their Miles Are One Asset No Other Carrier Wants

By SCOTT MCCARTNEY, The Wall Street Journal

(Sept. 14) - It's time to cash in your US Airways frequent-flier miles.

The airline industry is ready to split up what's left of US Airways Group Inc., which on Sunday filed for its second bankruptcy-court reorganization in 25 months. A successful reorganization is a long shot, so creditors, leasing companies and rival airlines are taking steps to plan for a future without US Airways.

Here it is

 

[BoeingBoy]

At last check, the stock was trading at $0.83 (down $0.25) with volume well over 3 million shares.

Jim

 

[jimntx]

Closed at 80 cents on volume of over 3, 700,000 shares today.

 

[GadgetFreak]

maybe true. Just read this from the Wall Street Journal:

Vultures Circle Over US Airways' Main RoutesFrequent Fliers May Find Their Miles Are One Asset No Other Carrier Wants

By SCOTT MCCARTNEY, The Wall Street Journal

(Sept. 14) - It's time to cash in your US Airways frequent-flier miles.

The airline industry is ready to split up what's left of US Airways Group Inc., which on Sunday filed for its second bankruptcy-court reorganization in 25 months. A successful reorganization is a long shot, so creditors, leasing companies and rival airlines are taking steps to plan for a future without US Airways.

Here it is

[post="180469"][/post]​

I think that people that were watching before the Ch 11 realized that the general consensus was that the chance of US declaring Ch11 and surviving was incredibly low. I saw stories with estimates as low as 5% chance of survival. People still think UA has a chance of reorganizing so the stock has some value. Plus their routes, etc are worth a lot more than those of US. I havent read many, if any analysts not associated with US that dont think it is finished.

 

[usair_begins_with_u]

Closed at 80 cents on volume of over 3, 700,000 shares today.

Wait until its delisted from NASDAQ... as soon as hits OTC trading, its value will go into the crapper.. wana bet?