It certainly reads that way to me as well. It really sounds unlikely AA is going to emerge from Chapter 11 with Horton in control, so that raises a bunch of questions including:

- who would the staff trust to get the business in good shape while still achieving enough productivity gains to make a stand alone business viable? Who would they get behind and support?

- what is it going to take for the current top level management to see the reality and fall on their swords?

- can the business be merged / acquired in Chapter 11 while it still has value? If so, who apart from US is a candidate?

- is the business headed for Chapter 7?