ALAEA Fed Sec,
Totally misleading.
The "2007 Texas Takeover" bid was fully compliant with the QSA.
The only reason it failed was a few shareholders got greedy and only 46% accepted the bid at $5.45 (versus $1.15 today) when the conditions required a minimum 50%..
From a shareholder perspective not selling at the top was a stupid thing to do.
One can only speculate what would have happened if the bid had gotten up, but I suspect something like Ch. 9. Once the GFC hit it would have been overburdened with debt, so the lenders ultimately take control, it is recapped and relisted. But I suspect the airline and its staff would have gone through a whole lot more pain than has actually occurred since.