...and the only reason why they hung around for as long as they did,especially in the case of TWA and Pan Am is because they had a multitude of non-core assets that they were able to sell. International routes,unused route authority,hotel chains,flight catering kitchens , meterological services, hell, in the case of Pan Am, a space services Company that did NASA contract work during the Gemini and Apollo moon shots. In other words, they were burning the furniture to keep the house warm. And guess what? Once there was no more furniture left to burn (ie. no more assets to sell ) those companies were gone. Now compare those lingering deaths to Braniff 2 , Midway 1
and 2, Air Florida, People Express , Vanguard and a host of other carriers with no assets to sell when they started losing coin, and you can very well see that those Bankruptcy filings and eventual liquadations were much more immediate than the Pan Am and TWA scenarios you indirectly refer to. I'm hoping I'm wrong about this, but I truly believe that the current financial condition of USAirways places us squarely in the latter of the 2 airline groupings in that if we file Chapter 11 ,liquidation won't be very far behind.
PHXFLYR
A Proud non-member