Overall, these new agreements and settlements have enabled United to reduce its non-fuel cost per available seat mile (cost per available seat mile ex-fuel) by approximately 22% during the three years while in bankruptcy.

After removing the special bankruptcy charges from United, the last three quarters’ results actually show that United has generated net income levels slightly better than American but not quite as good as Continental.

We believe the excitement of the merger and recent offerings has driven the valuations to a level that is inconsistent and overpriced versus some of the other larger airlines.

The company clearly has staying power to enable itself to continue the efforts involved in merging the two airlines.

Although shares may trade up temporarily, we anticipate they will eventually trade down to levels approaching AMR or $25 per share.

Revenues and expenses, ex-items, were generally in-line with our expectations.

If anybody could do it, it could be somebody like Kobe. Either him or (Allen) Iverson.

We have generally not tried to forecast fuel price changes. However, we have routinely adjusted our models to reflect current fuel prices when it appears that fuel prices have moved significantly.