Originally Posted by LAXLUVR

I'll be signing off now since the Union has started communicating about voluntary separations/furloughs. It's been educational to learn from you guys and I thank you for the information you have shared. A point to keep in mind I'll humbly offer since you guys know the industry is CEOs and CFOs don't necessarily matter that much for distressed, highly leveraged companies. I haven't looked at Moody's but I suspect UAL is deep in junk bond status. At that point CEOs respond to their primary stakeholders which are the banks that hold the debt, not the shareholders, not the customers, not the employees. The reason I'll offer this very humble opinion is I worked at a investment bank after dusting off an MBA in the mid-2000s. I was was way down the food chain but what I learned is in these situations with junk debt, the bankers are looking for CEOs that will service the debt so the bankers/debt holders can pay out the high interest junk bonds require, if we are in junk status. That's why I was asking about the debt holder, Apollo Group is a tough investor and I was too busy/lazy to dig into the financial reports. Anyway...be safe and I'm one of those old guys with outside income you guys are hoping to see get out of the way. Be well...and let's hope the early outs are as good as Deltas/SWAs and maybe the furloughs will be cut significantly.