AMR isn't going to spin off Eagle to AMR shareholders and then put Eagle in a position to be liquidated. The shareholders would be livid as their stock of little value would become zero.

AMR is doing the same thing CAL did to XJet. By controlling the leases on the aircraft they can continue to squeeze money out of Eagle and use the threat of whipsaw against the company by threatening to give the planes to someone else. Although the ERJs and ATRs don't have much value (CRJs are a different story), they are still worth more than 0 and AMR will get every last penny out of them that they can.

The divestiture, if it happens, is going to be very vanilla. Probably a 3-5 year CPA with the current fleet or close to the current fleet size followed by the flying being put up to bid. Then Eagle will have to compete with RAH inc., SkyWest Inc., TSH, etc. for remaining 50 seat feed that AMR decides to rebid. It'll probably be less than what they have today.

Like every regional, Eagle will have to compete for a greatly reduced demand for 50 seater with other carriers desperate to keep aircraft flying. It is going to be an absolute blood bath for the regionals and mainline management's wet dream. These aircraft will be flown close to cost because all these regional carriers saw what happened to Mesa when they couldn't keep aircraft flying. They will of course come to us and demand pay cuts but in the end it won't make much of a difference because the economics of the 50 seat jet have been destroyed by the high cost of oil. There are simply too few routes that these things now work on and way too many aircraft in the market. The bubble is ready to pop.

Just pray to god that our mainline brothers and sisters don't relax scope anymore or don't have it taken away anymore then that way we'll all have a shot at having a career.