FWIW, the investor call from this morning is posted online @ ir.united.com

One item that caught my attention was the fact that UAL still has an estimated $9B in unencumbered assets remaining after the current initiatives and the government loan. Recall that prior to the merger both UAL and CAL had virtually no unencumbered assets on the books (except the mileage programs). That means UAL generated a stunning amount of cash during the past decade when it both paid down debt and pushed $9B to the stockholders.

Strange there was no money for a pilot contract.....