[kellwolf]

The bankruptcy emergence was based on stock being a certain price. Now, with gas prices soaring higher than an eagle in a thermal, no one wants to buy airline stock. Result of that is the stock price falls and falls hard. Now, the company is "devalued." What Delta has done is take the difference in what they projected they would be and their current value and termed it a "loss." Like Doug said, if you have a $160K house, an gang bangers move in, the neighborhood goes to hell, and the home value falls to $80K, you can't subtract that difference from your income for the year. High finance business world, you can make it look like you're in trouble by doing that, though. But, I guess as Tony says, it's still playing within the rules.....