Future Merger?


Aug 20, 2002
Look at what US Airways Bankruptcy lawyers specialize in.
Skadden, Arps, Slate, Meagher & Flom LLP

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Corporate Hierarchy

Have you heard about the law firm that sued the business information publisher for a profile that opened with a wickedly clever lawyer joke? Neither have we, and we''d like to keep it that way. Skadden, Arps, Slate, Meagher & Flom, the largest US law firm and one of the largest in the world, employs about 1,700 attorneys in 22 offices around the world. Founded in 1948, the firm offers counsel for corporate dealings, litigation, and international concerns. Best known for its mergers and acquisitions practice, Skadden, Arps also has a strong presence in securities and bankruptcy.
With this in mind what do you make of the following "dave" statement to Reuters?
PHILADELPHIA, Aug 13 (Reuters) - David Siegel, chief executive of bankrupt US Airways (NYSE:U - News), said on Tuesday that industry consolidation was possible down the road and that his company would emerge from Chapter 11 an attractive partner for a larger airline.
You're reading too much into the fact that Skadden also handles mergers and acquisitions. Most of the big global law firms have both bankruptcy and merger practices.
Dave says his quote was taken out of context on this matter. He addressed it in CLT yesterday when asked about it. He said his first sentence in the answer was consolidation may or may not come to the industry. He then said a couple of more things on the topic, then said that if it does occur down the line, a profitable and reorganized US Airways would be a much more attractive partner. He meant it in context to being able to protect employees and the new shareholders as opposed to what happened with TWA when the shareholders got wiped out and employees got stapled to the bottom of the list for the most part. Of course, the press printed the first line, then the line about us being an attractive merger partner, and put their own spin on the rest.
perhaps you're correct, the pilots according to the newest code-a-phone must have misquoted also.