Hey Oilhead - America West gave the US government warrants for stock in exchange for the ATSB loans. If the government cashed in right now they would make a profit of about 200%. Not bad for the taxpayers, is it?
What did AWA get in return? A government imposed cap on labor costs for the lowest paid, most productive major airline flight crew, a chance to implement some major business fare reductions that boosted yields, and a return to profitability within a year of gaining the loans.
UAL pilots gained perhaps the peak contract in aviation history (although I've heard that Cathay in the old days might have been the best as far as pay and perks) but no one forced management to sign the contract. The reality is that that contract was developed and signed when they were able to make great profits from their international routes. Times have changed and we have all paid the price. But United (and UsAir) pilots have stepped up to the plate and given back more than enough to restructure. The sad truth is that we pay the most when management screws up. UAL pilots could work for free and they would still lose money.