Again? REALLY?!?
Why don't you go back to the community college and take business 101.
That is NOT was Parker says and that is NOT what 10-K says.
In short LEGALLY:
"US Airways Group, a Delaware corporation, is a holding company formed in 1982 and whose origins trace back to the formation of All American Aviation in 1939. US Airways Groups principal executive offices are located at 111 West Rio Salado Parkway, Tempe, Arizona 85281. US Airways Groups telephone number is (480) 693-0800, and its internet address is www.usairways.com. US Airways Groups primary business activity is the operation of a major network air carrier, through its ownership of the common stock of America West Holdings and its wholly owned subsidiary AWA; US Airways; Piedmont Airlines, Inc. (Piedmont); PSA Airlines, Inc. (PSA); Material Services Company, Inc. (MSC); and Airways Assurance Limited. On September 12, 2004, US Airways Group and its domestic subsidiaries, US Airways, Piedmont, PSA and MSC (collectively, the Reorganized Debtors), which at the time accounted for substantially all of the operations of US Airways Group, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, Alexandria Division. On May 19, 2005, US Airways Group signed a merger agreement, subsequently amended on July 7, 2005, with America West Holdings pursuant to which America West Holdings merged with a wholly owned subsidiary of US Airways Group. The plan of reorganization of US Airways Group and its domestic subsidiaries was confirmed by the Bankruptcy Court on September 16, 2005. The merger became effective upon US Airways Groups emergence from bankruptcy on September 27, 2005. Following the merger, America West Holdings continued as a wholly owned subsidiary of US Airways Group."
Again for the LEGALLY IMPAIRED, AWA did not have the money to "acquire" US Airways. To "combine" the airlines:
"The merger has been accounted for as a reverse acquisition using the purchase method of accounting. As a result, although the merger was structured such that America West Holdings (LEGALLY) became a wholly owned subsidiary of US Airways Group, America West Holdings was treated as the acquiring company for accounting purposes (FASB) due to the following factors:
(1) America West Holdings stockholders received the largest share of US Airways Groups common stock in the merger in comparison to unsecured creditors of US Airways Group;
(2) America West Holdings received a larger number of designees to the board of directors; and
(3) America West Holdings Chairman and Chief Executive Officer prior to the merger became the Chairman and Chief Executive Officer of the combined company.
As a result of the reverse acquisition, the 2005 consolidated statement of operations for the new US Airways Group presented in this report is comprised of the results of America West Holdings for the 269 days through September 27, 2005 and consolidated results of US Airways Group for the 96 days from September 27, 2005 through December 31, 2005. The results of operations for fiscal years 2004 and 2003 are those of America West Holdings."
I didn't anywhere in the 10-K AWA pilots had greater career expectations that anyone else. Parker and Kirby will tell you that. Go ask them.
