? About US Air

[Guest O. Ring]

On Mar. 31 US Airways emerged from chapter 11. Also on Mar. 31 US Airways cancelled all shares. They say new shares will be issued. In the meantime who actually ownes US Air? They recently announced a pre-tax loss of some 280 mil us$ for 1st quarter. If they had made a profit who would get it? When new shares are issued, do previous shareholders get any consideration?

I am trying to get a sense of how the AC restructuring will go and while I understand that chapt. 11 is quite different the Seabury Group invesment bankers were pivotal in the US Air restructure and are involved in the AC restructure.

So business wizards can you help?

[Guest Retyred]

If you go to US Air's Website..under 'Investor Relations' you will get a complete overview of how their re-emergence from Chapt 11 was handled. It spells out to whom, and in what proportion, the 'new' shares were issued.

Hate to rain on your parade but the old shares were cancelled with no consideration...in other words the 'old' shareholders got nothing for their troubles...left holding the 'bag' so to speak!

[Guest O. Ring]

Thanks for the info. Looks like pilots will get 19% of the new shares and other employees 10%. I wonder if this type of resolution is being promoted by the Seabury Group for AC.

As for raining on my parade, I own no shares of either US Air or AC, although I could have made a tidy bit of coin on AC stock since it entered CCAA. Ah well, hindsight, ain't it grand.

No I'm just trying to get a picture of how the new AC will look as a business. I see a lot of views expressed on this forum but I don't see anyone who has a good overall view of how the new AC will look. BTW I am certain it will survive in some form or other.