AAviator is talking about the AA stakeholders (not stockholders) which include the pilots, the FAs and the TWU members plus the AA unsecured creditors and other holders of allowed unsecured claims. The three employee groups will have over 21% of the new AMR stock.
If no merger, the unions and the unsecured creditors would split 100% of the new AMR stock. Parker recently said something about LCC stockholders getting roughly 50% of the stock in the combined company and Horton and some AA UCC members said that current LCC stockholders should get no more than 10% to 20% of the stock in the combined company. AAviator's point was that if current LCC stockholders end up with no more than 30% of the stock in the combined US-AA, it's hardly an acquisition/purchase of AA.