Cicciano,

I haven't looked at AMR in a long time ... but from what I recall, AMR doesn't really own that many assets. It's most valuable assets in bankruptcy are likely things like its routes and maybe some odd things like proprietary software. Most of its planes and other capital equipment are leased.

If it comes to liquidation I would expect unsecured lenders to recover surprisingly little. If AMR doesn't declare soon and runs out of cash, the court may be force them to liquidate and then the unsecured bond holders won't even be left holding AMR common.

But what do I know? I've never actually invested in an airline...

- Joel