Senior aerospace analyst Ray Neidl, who’s been around long enough to remember these things, wondered out loud Tuesday whether the American Airlines standoff with pilots is following the path of the Eastern Air Lines’ flight with its unions.

Or, in Neidl’s words in a report out Tuesday from his firm, Maxim Group:

“The dispute with the pilots recalls how the pilots at Eastern Airlines killed the already weakened airline two decades ago in a labor dispute. The unions led by the pilots have strongly indicated that they do not wish to work with the AMR management, which is of concern to begin with. As a result the dispute here seems to now be going beyond economic considerations to the emotional level, which is always dangerous since rationality for all parties can become secondary as was in the case of Eastern.

“Although we do not believe conditions at AMR have reached anywhere near this level as yet, we do remain concerned that it could escalate in what is a weak economy and if not resolved could lead to a possible further weakening and eventual liquidation of the company. US Airways and other airlines could then pick up parts of the company by buying various assets that had value but not necessarily guaranteeing jobs for AMR employees.”

Eastern shut down its operations in January 1991 after a long period of management-labor strife highlighted by strikes by mechanics, pilots and flight attendants that began in March 1989. Eastern had filed for bankruptcy court protection shortly after the strikes began.

Neidl called the pilots “the most important single labor group and an agreement with them is important. We were surprised that the membership voted down the contract offer since it included a large equity offering.”

He said American’s operational problem “appears to be individual pilot actions of calling in sick or increasing reports of maintenance deficiencies forcing flight delays or cancelations. The pilots union has been strong in its statements saying that this was no organized job action, which is illegal, but never-the-less it has caused temporary inconvenience for customers. We believe that any job actions organized or otherwise, hurt the company in the short-term if it continues.”