What were the options before the judge?
Carl Ichan and his "Immediate 20% reduction in the workforce" and ten year extension of Karabu.
American Airlines,a major airline with the resources to basically keep TWA intact until its full integration into AA.
JAG, a newly incorporated entity with VERY lofty goals for TWA and an internet enthusiast or two with their names splashed all over the papers.
TWA itself advised the court they wanted the AA proposal,they were unwilling to take a chance with JAG, no matter how honorable/well meaning their intentions may have been.They certainly weren't about to allow Ichan another chance to pillage whatever was left of any value.
The IAM would've looked for big bucks and resisted ANY work rule changes.(See the Terminal 6 covenant at JFK)
Would Icahn have said "Sure, I'll let you buy out Karabu for a hundred million"?
The pace of change quickens, and TWA takes her place with the "Golden Age" carriers like Pan Am and Eastern.
They are gone, but they are not forgotten.
Yes, I actually *do* work for an airline,how about you?