-------------------- Marty When I was born, I was granted a visitors pass to earth. I will enjoy everyday until it has expired. You should too ;)
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Oh, but note this statement from the PR: "Private investors will own 52 percent of the merged airline after committing more than $565 million. Investments by suppliers and vendors boost the merger value to more than $1.5 billion. General shareholders of the current US Airways get nothing in the deal. Shareholders of America West get 37 percent of the new company and unsecured creditors get about 12 percent." Not sure the impact here.....GL
-------------------- Marty When I was born, I was granted a visitors pass to earth. I will enjoy everyday until it has expired. You should too ;)
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With their bankruptcy filings on Wednesday, DAL and NWAC will soon join UAIRQ and UALAQ in the "Q" club. (Public companies in bankruptcy have a Q added to their stock symbols.) Shareholders of these heavily indebted air carriers are also likely to see their equity disappear as creditors call the shots in reorganization. For example, yesterday UAIRQ ($0.19) creditors approved US Airways' reorganization plan which paves the way for the Company's merger with AWA. UAIRQ common shareholders will see their equity stake wiped out under the plan.
why would anyone buy into this share holders lose everything huge sell off imminent
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//Correction// UAIRQ Shareholders Left Out of Merged Co.
In the "DAL & NWAC Shareholders Face Grim Prospects" story, released at 6:47am ET today, Knobias incorrectly reported, "UAIRQ common shareholders will ... have stock purchase rights in shares of the newly formed company." In fact, current UAIRQ shareholders are not provided stock purchase rights under the reorganization plan.
CORRECTED STORY
DAL & NWAC Shareholders Face Grim Prospects
With their bankruptcy filings on Wednesday, DAL and NWAC will soon join UAIRQ and UALAQ in the "Q" club. (Public companies in bankruptcy have a Q added to their stock symbols.) Shareholders of these heavily indebted air carriers are also likely to see their equity disappear as creditors call the shots in reorganization. For example, yesterday UAIRQ ($0.19) creditors approved US Airways' reorganization plan which paves the way for the Company's merger with AWA. UAIRQ common shareholders will see their equity stake wiped out under the plan.
(-) NWAC ($0.85 -55% in extended trading) filed for bankruptcy on Wednesday after the closing bell, joining DAL ($0.71) who filed Chapter 11 earlier in the day. Currently four of the seven largest U.S. carriers are operating under Chapter 11 protection. Prudential cut NWAC to Underweight from Overweight with a $0.00 price target.
(-) UALAQ ($0.60 -6% in extended trading): UAL shareholders will be wiped out under any contemplated reorganization plan.
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