This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Parker Keeps His Promise

"They were trying to do a prepackaged restructuring, and they went from that to looking at US Airways, which was also in bankruptcy," he said. "Somewhere along the line, Doug figured out that you can use the bankruptcy court to restructure, and you'll end up with a stronger company."

In mid-2004, ATA was in trouble, the victim of a syndrome that included a series of new plane arrivals, financed with high-cost leases, just as the airline economy entered a nosedive. Once exclusively a charter carrier, ATA had grown into the country's 10th-largest airline, with a route system based at its Midway hub.

America West engaged in lengthy merger talks with ATA and offered jobs to its employees but no agreement materialized.

ATA subsequently filed for bankruptcy protection and announced an agreement with AirTran Airways (AAI). AirTran was to pay $87.6 million for 14 of ATA's 16 Midway gates, as well as slots at New York LaGuardia and Washington Reagan National. ATA would shift its focus back to its Indianapolis hub.

America West kept trying. In December 2004, it prepared a bid to submit to the bankruptcy court. But then it was forced to drop out of because it couldn't reach lease agreements with ATA's aircraft lessors. "We were being asked to pay more than we thought was justified," Parker said at the time.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,637.06 +22.25 0.13%
S&P 500 1,948.18 +6.90 0.36%
NASDAQ 4,432.8020 +13.3240 0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs