I must second this question. I do not think most of TWA's US-Europe authorities have any value now. I know that TWA wrote these assets down a couple years ago AHEAD of open skies.[BR][BR]
But one thing they did have was 5th freedom rights in Paris and Cairo, and if I am not mistaken, also London and Rome. I know they were thinking of exercising the Paris and Cairo rights a couple years ago as well, but never could get their vision out of the midwest.[BR][BR]
Now one interesting what-if is if God-forbid UA goes Ch. 7 - is American Airlines with 5th freedoms from Tokyo, London, Paris, Rome, and Cairo. That would represent the first real international juggernaut. I have always wondered about the ability of US airlines (in better times, of course) being able to buy foreign airlines when the countries are trying to privatize them. Unify the alliance through a single honest brand of a true multi-national corporation. Of course, the local labor laws may be a complete noose around the neck, much as they were for TWA.