That's nucking futs. AA wont be broken up and sold as pieces. IAG/TPG would step in long before that was a realistic possibility.
I agree, if the parts were worth more than the whole TPG could step in, get control of the company and then THEY would break it up if that would provide the best return. Private equity companies are famous for doing exactly that. TPG doesn't want to own/run an airline, they want to make money. If AMR is worth more in pieces than as a whole then that's what will happen. I think it's unlikely but it is a possibility. AMR management does not determine the outcome here, the creditors do.