Hmmm... a curious silence from the posters who normally go to great lengths to demonize management for every action it takes.
Is it possible that the "idiots" running the company are actually doing things to earn their compensation? No, of course not, that's just my "pro-management, elitist view".
Results are the bottom line, folks. Hard to argue with this.
As my grandfather often stated, "Even a blind hog finds an acorn now and again."
At the same time, with the precipitous fall in the value of the stock; it would seem that we have attracted the attention of a major player in the "corporate take-over" scene:
Holder Shares % Out Value* Reported
GENDELL, JEFFREY L. 24,263,060 9.74 $340,410,731 31-Dec-07
Through several different companies GJL also controls the following:
SEC Filing, 18JAN08, From Free Edgar
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Tontine Overseas Associates, L.L.C., a limited liability company
organized under the laws of the State of Delaware ("TOA"), which
serves as investment manager to Tontine Overseas Fund Ltd., a
Cayman Islands Corporation ("TO"), Tontine 25 Overseas Master
Fund, L.P., a Cayman Islands exempted limited partnership ("T-25")
and certain separately managed accounts, with respect to the
shares of Common Stock directly owned by each of TO, T-25 and the
separately managed accounts;
(ii) Tontine Partners, L.P., a Delaware limited partnership ("TP") with
respect to the shares of Common Stock directly owned by it;
(iii) Tontine Management, L.L.C., a Delaware limited liability company
organized under the laws of the State of Delaware ("TM"), with
respect to the shares of Common Stock directly owned by TP;
(iv) Jeffrey L. Gendell, a United States citizen ("Mr. Gendell") with
respect to the shares of Common Stock directly owned by TO, T-25,
TP and the separately managed accounts.
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.
While GJL reported the 9.74% interest in shares outstanding, it appears that entities under his control control some 25% of AMR:
Gendell, Jeffrey L. and Tontine Capital
CUSIP No. 001765106 13G/A Page 8 of 10 Pages
Item 4. Ownership.
A. Tontine Overseas Associates, L.L.C.
(a) Amount beneficially owned: 9,321,254
(B) Percent of class: 3.74% The percentages used herein and in
the rest of Item 4 are calculated based upon the 249,121,904 shares of Common
Stock issued and outstanding as of October 12, 2007 as reflected in the
Company's Form 10-Q for the quarterly period ended September 30, 2007.
©(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 9,321,254
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
9,321,254
B. Tontine Partners, L.P.
(a) Amount beneficially owned: 14,941,806
(B) Percent of class: 6.00%
©(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 14,941,806
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
14,941,806
C. Tontine Management, L.L.C.
(a) Amount beneficially owned: 14,941,806
(B) Percent of class: 6.00%
©(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 14,941,806
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
14,941,806
D. Jeffrey L. Gendell
(a) Amount beneficially owned: 24,263,060
(B) Percent of class: 9.74%
©(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 24,263,060
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
24,263,060
<PAGE>
/s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Management, L.L.C.,
general partner of
Tontine Partners, L.P. and as
managing member of
Tontine Overseas Associates, L.L.C.
The link below is to an older story describing the business of Gendell, Jeffrey L.
Tontine Capital Management
"...A New York City investor who has a history of buying potential takeover targets has acquired a substantial stake in Baltimore-based First Mariner Bancorp..."
Given that on 31DEC07, GJL controlled 63,467,926 shares valued at 14.03/share as of COB on that day,
current close is at 9.16/share as of COB 20MAR08. GJL took a $309,088,799.62 haircut in less than 90 days. I doubt he values the current management as highly as others on this board, of course given the 10 Billion GJL reportedly has under management that is only a 3% loss.
The issue is what does Glendell, Jeffrey L. propose to do with his 25.48% stake in AMR and what conversations, if any, have taken place between GJL and current AMR leadership?
