How Do You Fix AA?

The institutions who own the stock also probably own the debt. They keep getting paid, they're happy.

Exactly, thats why they dont care if AA posts a profit, they are making their money on the debt. If the airline posts profits they will have to share it with the employees, but as long as all the money that would be going towards profits is going towards debt they dont have to share it with anybody.

However if we go on strike then not only does their stock become worthless, no big deal, but without revenues the company can no longer service the debt, and that would make them very unhappy.