United just filed for Chapter eleven

[getreal]

WOW! Fox News reporting

 

[getreal]

Even more WOW! Fox say's well maybe not. Stock halted after fallen to a penny but United say's "We haven't filed". <_<

 

[FWAAA]

Doesn't appear to be accurate; UAUA's press spokesholes are denying a Ch 11 filing. Looks like some cub reporter either made a mistake or someone wanted extreme volatility in UAUA stock.

 

[getreal]

Doesn't appear to be accurate; UAUA's press spokesholes are denying a Ch 11 filing. Looks like some cub reporter either made a mistake or someone wanted extreme volatility in UAUA stock.

I guess so, it went from $13.00 to 0.01

 

[eolesen]

Chi Tribune accidentally reposted an old UAL story...

 

[FWAAA]

This link credits ISA Bloomberg:

http://news.briefing.com/GeneralContent/In...I20080908110449

 

[Wretched Wrench]

Since there is no mention of a SERP, retention bonuses, etc, the story is clearly false.

.

 

[eolesen]

CHICAGO, Sept. 8, 2008 – United Airlines today said reports that the company filed for bankruptcy are completely untrue and were caused by the irresponsible posting of a 6-year-old Chicago Tribune article by the Florida Sun Sentinel newspaper website with the date changed. The story was related to United's 2002 bankruptcy filing, and United has demanded a retraction from the Sun Sentinel and is launching an investigation. United exited bankruptcy in February 2006.

 

[Mrs. McFly]

Pretty crappy way to start a Monday!

 

[cybercat]

Pretty crappy way to start a Monday!

So what happens with the folks who bought the 1 cent stock. Are they suddenly very rich? ;-}

 

[dapoes]

So what happens with the folks who bought the 1 cent stock. Are they suddenly very rich? ;-}

Yes, if you were fast enough! $100 buy = $10k+

 

[WingNaPrayer]

No, the SEC will reverse the transactions if United asks them to. I don't see where their stock dipped lower than $3.00 today. It looks like trading was suspended after UA contacted the SEC and reported the story was false.

Sad thing is, this caused other airline stocks to take a dive as well.

From United's 3:45 PM stock report:

Last Sale: $ 10.95
Previous Close: $ 12.30
Today's High: $ 12.45
Today's Low: $ 3

Dapoes wrote:

Yes, if you were fast enough! $100 buy = $10k+
/"

Who in their right mind would rush to buy a bunch of stock in a company that just filed bankruptcy? Certainly no market buyer would have known the story was false that quickly.

 

[Ralph]

Not related to American Airlines. Moved to Aviation News.

 

[FWAAA]

No, the SEC will reverse the transactions if United asks them to. I don't see where their stock dipped lower than $3.00 today. It looks like trading was suspended after UA contacted the SEC and reported the story was false.

This link seems to indicate that the trades will stand:

http://news.briefing.com/GeneralContent/In...I20080908110449

NASDAQ has reviewed the transactions under rule 11890 (B) on its own motion filing involving the security UAL Corp executed between 10:55:00 and 11:08:00 ET today and has determined that all trades will stand. This decision cannot be appealed. NASDAQ MarketWatch has coordinated this decision with other UTP Exchanges.

 

[WingNaPrayer]

In that instance, UA stock was unfairly manipulated and as a consequence, UA should sue the crap out of Bloomberg, as should every UA stockholder who lost money.

It was just a few weeks ago they did the same thing by publishing an obituary for Apple Computer CEO Steve Jobs, who was, and is still, very much alive, doing damage to Apple stock as well.