Phildo conveniently left the company the last week of March (end of 1st Quarter).

As I've said before, "avoidable transfers" in Bankruptcy Court include payment agreements made with former directors within a one-year lookback of the filing date.

I don't see Pinnacle's board declaring Bankruptcy until the end of 1st Quarter, conveniently right after Trenary's severance agreement becomes solidly out of reach of a US Bankruptcy Trustee.

Frontier declared BK right after 1st Quarter as well. All the same players were involved--Menke, Seabury, Davis Polk & Wardell...my crystal ball says they'll file 1st or 2nd week of April whether the paycuts are voted in or not.

This assumes the current 9e board is still in bed with Trenary (and thus Delta/Anderson). I don't see Menke screwing Trenary out of his severance--it's bad form--you don't want to be the airline CEO that screwed another airline CEO out of his golden parachute, especially if you're gonna be looking for a new CEO job at another airline soon.

So a good test of whether 9e's board is loyal to Trenary and Delta will be whether they file bankruptcy before March 24th/25th 2012. Just sayin'.