UAL thought

Discussion in 'Trading' started by LoneHand, Dec 5, 2002.

  1. u130747


    Wonder why UAL stock is going up????

    Read below

    ELK GROVE VILLAGE, Ill. (Reuters) - UAL Corp. the parent company of United Airlines, said it secured a bankruptcy court order to prevent holders of large stakes in the airline from selling or transferring their holdings.
    The Elk Grove Village, Illinois company said in a written statement that the order applies to entities that hold $65 million or more in claims against UAL or 2.5 million shares or more of the company's stock.
    UAL said the court order, in effect until a Dec. 30 hearing to reconsider its appropriateness, would help preserve its current operating losses.
    UAL Spokesman Jeff Green said State Street Bank and Trust, its employee stock ownership adviser, will not be able to sell its UAL shares because of the order, which was entered in the court on Tuesday.
    State Street raised concerns by United employees, who own 55 percent of the company, when it said in a regulatory filing in late October that it might sell up to a fifth of its UAL shares.

    #21     Dec 13, 2002
  2. Yeah, I've seen it elsewhere. sounds weird. Have there been any precedents of such court orders?
    #22     Dec 13, 2002