NEW YORK (Reuters) - US Airways Group Inc (LCC) has made a formal merger proposal to American Airlines parent AMR Corp (AAMRQ.PK) and its creditors that could value the combined airline at around $8.5 billion, a person familiar with the situation said on Friday.
Under the all-stock proposal US Airways made in mid-November at a meeting with AMR's unsecured creditors committee, the bankrupt airline's creditors would own 70 percent of the merged company and US Airways shareholders 30 percent, the person said.
http://finance.yahoo.com/news/us-air-makes-amr-merger-204438188.html
He's on crack if he thinks that LCC shareholders will get 30% of the company. Maybe half that, with AMR creditors (including the employees) getting the other 85%.