And we have a winner. This may be trading at 15%, but that damn well may be twice what it actually pays....after you wait 2 years. Is it worth it? No. For this to be a decent play, in reality it needs to be in the dollar range, imo.
Section 4068 of ERISA provides for liens that can take priority over secured debt. You can bet the farm that the Pension Benefit Guarantee Corporation, a government entity, will be wanting a priority lien for $10 billion ahead of your precious secured debt, much less unsecured liabilities. Then, to make matters worse, some of the secured debt is secured with assets and leases that AMR will want to kick to the curb. Those guys will want to be paid deficiency claims.
I don't really care what some piss-ant know-it-all hotshot 30 something year old hedge fund managers and/or rating managers think, because they don't know squat.
They are probably stupid enough to think Eagle will still be spun off. Won't happen now, no need to. Slash and burn, and that ignorant 'business judgment' rule in the SDNY will dictate this BK.