I am no business genius, but I live with one, and although a number of the airlines are in dire financial straights, isn't the reporter missing something?

Before an airline, or any US company liquidates, i.e. Chapter 7 under the Bankruptcy Code, there is a little thing called Chapter 11, which allows for debt reorganization. True, that America West has gone this way before, but I think it highly unlikely that even if AA files for bankruptcy, it will ever be liquidated. US Air, however, is a different kettle of fish.