What really needs to be analyzed is each creditor on the committee one at a time. They all have a different agenda and it just depends which majority wins out in convincing the most creditors to side with them. That is scary, in the sense that AMR will have little say in its future direction. Hopefully its employees (with 3 seats on the panel) realize a healthy, independent AA is the absolute best option for them. As for the likes of Boeing, PBGC, etc. that ball is in the air...