Then there is AMR's portion which is split several ways.
-23.6 percent of the common stock in the combined carrier will go to American's labor unions which negotiated equity stakes as part of their new contract agreements
-3.5 percent will be distributed to holders of AMR shares and they may get more if the claims of the AMR creditors are satisfied in full.
-That leaves 44.9 percent for "double-dip" and "single dip creditors" which are described as creditors who hold prepetition unsecured claims for both AMR and American (double-dip) and those with just single prepetition unsecured claims.
Double dip creditors will receive shares of "mandatorily convertible preferred stock equal to the full amount of their claims," which will convert to common stock at 30 day intervals in a 120-day period following the effective date of the merger. The shares will be determined on a formula tied to the marekt price of the common stock.