I understand that you might not appreciate the difference, but the situations you brought up were completely different than AA's bankruptcy.
You didn't receive shares of common stock in 2003; AA distributed stock options which didn't vest immediately. Once the options vested (IIRC, one-third per year for three years), you could exercise the options and sell the stock. Incredibly, some employees didn't exercise their options even when the stock hit $41/sh in January, 2007.
The ESOPs at UAL, EAL, NWA and Pan Am did not represent payment of Ch 11 claims with new common stock - the employees of those airlines were duped into thinking that an ESOP made sense for them. ESOP participants cannot move in and out of the stock they hold.
As part of their bankruptcies several years ago, UA and DL distributed new stock to their employees which they were free to sell.
All of the above were ESOPs, Bob. Even Avis. AA's unions are not participating in an ESOP.
AA's unions (and the nonunion employees) were granted a claim by AA management and the UCC for new common stock when AA exits bankruptcy. The three unions will receive distributions of new common stock which they can either sell or distribute to their members.
