You're 100% right. JALSQ should be out of debts by March and will losing the "Q". I can't believe that JAL will cancel its shares. JAL did say, they will bring out new shares 2012/13. http://www.centreforaviation.com/news/share-market/2010/10/08/japan-airlines-making-preparations-for-relisting-by-end-of-2012/page1