The company has said it again and again. "The transaction anticipates that the existing shares of U.S. Airways will be canceled," the airline said in announcing the merger plan.... It is what happened the first time US Airways was reorganized under Chapter 11. The old stock became worth no more than the paper it was printed on, valuable only to collectors of stock certificates. But still, somebody keeps buying it.

Flyi may be the best thing that's ever happened to air travelers in the Washington region, long plagued by lack of competition and high prices. But Flyi's failure would be one of the best things that could happen for other airlines.