Incorrect again, and, as usual 411a.
Texas Air could easily have floated an underwriting to keep Continental solvent while they worked on a long term strategic turnaround for the company.
But Lorenzo would not listen, his chosen CEO at the time Stephen Wolf was doing his best to renegotiate a new legal contract with the Pilots and Mechanics without circumventing the law.
Instead of listening to him Lorenzo fired him (as he did every CEO that came after him) and took CAL into bankruptcy using the courts to void contracts he did not have the backbone to renegotiate himself.
Lorenzo almost destroyed Continental Airlines. The employees saved it under the later, inspired management of Gordon Bethune.
This was after Frank had convinced SAS to invest in the Airline, boosting the stock over the short term allowing him to cash out at a huge personal profit declaring bankruptcy again before finally leaving.
SAS lost their entire investment (ask them what they think of Lorenzo)
The reality is he took the Airline into Bankruptcy twice in a Decade just to further his own personal goals.
He was the worst Airline manager in the history of the business and the only one that has been banned for life by congress from having any aviation management position again.
I suspect you are a scab yourself 411a and were unable to obtain any other employment with a reputable Airline.
You are certainly ignorant enough to be one.