You may be right. Disparaging Parker might be OK, if vewed in the context of circling the wagons, from an employee perspective.

The people holding the money, however, might not really be as amused, when someone is fighting the consolidation mantra. Still, they also want to be the daddy after BK: exit first, buy later, be in charge. This might work.

Where Horton might be going completely off the reservation, however, is when he also rejects the capacity discipline mantra that it so fashionable among analysts and creditors. In a Bloomber article dated today, he said:

"... American’s 2011 order for 460 new jets and overseas alliances with carriers such as British Airways would help the airline resume growing profitably even as rivals plan to hold the line on expansion in the next several years. 'This is not speculative,' Horton said. This is something that is already teed up.'... Recent cutbacks in seating capacity weren’t a strategy for making money, he said. American will rework labor contracts to loosen restrictions on what size planes its pilots can fly and on the partnerships it can forge with other U.S. carriers to share flight codes, bringing in more passengers, Horton said..."

It's important to understand that a lot of the creditors/shareholders in other airlines that went through CH11, and at AMR, are probably the same. I don't think this is the song they want AMR to sing.

I see no reason AMR wouldn't exit from a position of strength, unless they mismanage their reorganization. This demonstartion of hubris is strike two, if you're looking at it strictly from an investor perspective. The "cornerstone" strategy hasn't been resonating with that crowd, especially after they took a bath on equity, and for creditors about to take a haircut.

In my mind, this is the first serious hint AMR might botch their CH11.