Here is the truth of the matter. One large US airline has got to go plain and simple. For a while it looked like it was going to be U. Granted U is not that big but it would have opened up the very lucrative east coast and either UAL or AA would have taken what they could get their hands on. U pulled it self up by its bootstraps and gave away the store to save itself and as U is coming out of bankruptcy in 7 days it looks like they will be around for a while with huge cuts in employee costs ( they just got another 5% across the board because of the war with Iraq)and about 1.24B in the bank to ride out this mess. So that leaves UAL. Things at UAL do look pretty bad at the moment But with the right DIP financing and a gun to their heads they could also give away the store and downsize. If UAL management gets their way they will get rid of all contracts on the property and just do as they like and pay employee's what ever they want and tell them they are welcome to stay if they want and if not there is the door. In this case a smaller raped UAL will probably make it( remember if they get their # in order they can reapply for exit funding from the government)David Bonner of U DIP financing also has stated that he would be willing to buy all of dulles and most of UAL gates and slots at chicago If they were willing to sell, They might, they may need additional funds. So that leaves AA next in line. I have always had a great respect for the way AA unions have delt with their management. But these are different times. My guess is that management at AA wants to go bankrupt. It seems like its the only way to get their guns out and hold you hostage. I think that no matter what you give in consessions you will still go bankrupt with one exception. If UAL goes capter 7 before you file AA may be able to avoid going bankrupt. You will still have to give large concessions but you may be able to avoid the gutting that happend at U. So thats the way things look to me Its all up to what UAL unions will do to save Their airline.