FlyerTalk Forums - View Single Post - Delta in talks with AmEx to Unload Early Sky Pesos
Old Apr 13, 2020, 7:31 am
  #2  
BearX220
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Join Date: Jul 1999
Location: ORD/MDW
Programs: BA/AA/AS/B6/WN/ UA/HH/MR and more like 'em but most felicitously & importantly MUCCI
Posts: 19,714
Here's the story:

https://www.wsj.com/articles/united-...is-11586779535

This is the equivalent of a desperation bond issue, but on much foggier terms. The market value of a point / mile is liquid and pegged at the carrier's discretion, moment to moment. When you buy a bond you know what the maturity value and date will be. Buy a mile, and you have no idea of its value until you attempt redemption. Miles are a faithless currency, or ought to be. What a sad bed the airlines have made for themselves.
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