Yes, this is exactly what did it
. It had nothing to do with overly generous employee benefits, higher fuel prices, increased competition, and 9/11. If anything, being nice to its most loyal customers probably saved them from being liquidated.
That was what made UA go Ch 11 twice, I think, being nice like that.
Now it is "too bad, move on folks..."
They even gave me 200$ voucher for a compliment (for my concern) in the past!