United's "liquidation" was the decades long rumor that never happened despite them being denied an ATSB (Air transportation stabilization board) loan post 9/11 fallout by uncle sugar. This whole industry is cyclical, but UAL historically has set the example for highs/lows in those cycles. Lets hope the well paid managers have a better idea on how to level the highs and lows to keep a more even keeled industry going forward.