We dashed off a quick tweet about this hot topic last night, which I thought conveyed my sentiments regarding this hoopla surrounding a potential “deal” for AMR, parent of American Airlines. I made the point that I questioned any “offer” that was addressed to one “Gerald” Arpey. Not “Gerard” Arpey.
In a nutshell — I was implying that you should go back to whatever you were doing before you got sidetracked with news of this nonsense.
But, because I’ve received so many emails in the last 12 hours about it, I figured a blog post might help to quell any remaining hysteria.
So, my updated take? Same as last night.
For those of you who are in the dark, yesterday some outfit called Sterling Global Holdings sent out a number of letters to media types in which it said it was offering $9.75 a share for AMR. That amount represented about a 50% premium over AMR’s closing price on Tuesday.
The person who actually sent the letter is someone by the name of Al Weintraub. He claims he is an AMR shareholder. While we still don’t know if that is true or not, he does seem to be a man with a checkered past, as this post at stockpatrol.com details. It seems the SEC is not one of his fans.
No need to duplicate the excellent detective work by Dallas Morning News reporter and AirlineBiz blogger Terry Maxon, who has been all over this from the very beginning. You can read his various missives on this subject at his blog, particularly here.
My final comment? For those of you who remember these kinds of things, this reminds me of the “mystery” buyers with the money that was tied up in various banks who were going to do a deal for TWA.
Okay, everyone can now go back to whatever it is you were doing before all of this hit the fan.
Meanwhile those of us who find this kind of stuff entertaining will try to figure out if this guy was trying to get the stock to move, was simply bored, is crazy, or just likes to stir people up for the fun of it.