While USAir''s bankruptcy reorganization seems headed in the right direction (although a bidding war might be about to break out for the right to control it, and some very unsavory players might soon step out from the shadows looking for that very opportunity) the rest of the industry seems set to play out the nightmare scenario of following it right into bankruptcy court. September loads and RASM are well below plan and advance bookings seem to have fallen off a cliff. The loan window over at the ATSB is now closed (except, maybe to UAL). And, most troubling, Wall Street has completely abandoned airline securities. Todays tape tells the sad tale: AMR has broken under 5 (down 50% in two weeks!), DAL is about 12 and CAL now has a 6 handle. And UAL . . . well its trading exactly where USAir traded on the eve of its filing. The collective market capitalization of all these carriers wouldn''t pay for USAir''s international fleet!!! Worse, the listed, publicly traded debt of UAL and AMR are trading at levels implying that filings are near (UAL at twenty cents on the dollar and AMR at babout fifty cents on the dollar) . . . and these prices are for bonds that have real maturity dates and pay real interest (at north of 20%) until that time!!!! Something is very, very wrong with this picture.