This reminds me of TWA and Pan Am. It took them years to bleed to death. All the while, they both sold off their most valuable assets to provide cash for their everyday survival. Over the years, AMR has sold off Sabre and Beacon for nice chunks of cash. They tried to sell off Eagle, but had no luck.
Funny thing is, Crandall was at TWA as it began its slide, and bought assets from both, as well as EAL, while at AMR. You might say that AMR benefitted from the demise of several airlines. Anyone remember Braniff?