) -- Don't check the airline stock listings for
Effective Thursday, the
New York Stock Exchange
has delisted shares in the world's third-biggest airline. They now trade under the symbol "AAMRQ" on the OTCQB marketplace, operated by OTC Markets Group.
The NYSE acted because the average closing price of AMR shares fell below the exchange's continued listing minimum share price standard of $1 over a consecutive 30-trading-day-period.
The new shares will continue to trade until the bankruptcy case ends. The precedent in multiple bankruptcies has been that a company issues new shares when it emerges from bankruptcy, while the existing shares are delisted and lose whatever value trades have ascribed to them.
Those traders presumably will include both speculators who know the shares will become worthless and innocents who believe the shares continue to provide ownership in the airline, which they do not.
-- Written by Ted Reed in Charlotte, N.C.
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