Get Over It Already said:Yep. A huge chunk of the profits we were bringing in during the late 90's were going to pay off the debt from the early 90's. Assuming AA returns to profitability at some point in the next few years, we'll be doing the same -- paying down debt instead of paying out profit sharing.
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Thats right, didnt they do a stock buy back that pumped up the price just in time for Crandall to cash out?
Wasnt that $2 billion? AA doesnt pay dividends so why buy back stock?
They also spun off Sabre.
Then they went on a spending spree. I remember one full page ad that bragged about the $7 billion in "improvements" that AA was making.
Profit Sharing? Well with a $500 million threshold not too many people were counting on it anyway.