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WORK - American Airlines - The Possible Path To Bankruptcy
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I've invested in American Airlines (AAL) at times in the past, and I'm a happy customer and frequent flier. The primary reason I sold my shares is because I disagreed with American's capital allocation decisions. American used cash flow and took on additional debt to upgrade their fleet while repurchasing shares. If a company I own adds debt to repurchase shares or fund a dividend, it's an automatic sale for me. American Airlines spent $12.4 billion on stock buybacks in the past 5 years. As we enter an unprecedented downturn in commercial aviation,