His loss to the company plus increasing cash flow problems led to its Chapter 13 filing in 1996.
Rather, a Chapter 11 filing gives a company that still holds potential promise an opportunity to right itself.
If that happens, a Chapter 11 filing is a near certainty.
The board would have to approve a Chapter 11 filing by the airline.
Such public talk of a potential Chapter 11 filing can be troublesome for any carrier.
With the company's Chapter 11 filing in 1985, it also became a bankruptcy proceeding.
A board vote is needed to approve a Chapter 11 filing.
Otherwise, the case will proceed as an ordinary Chapter 11 filing.
A worker in a candy store was asked whether the Chapter 11 filing meant anything to her.
"There is at least another week to try and delay" a Chapter 11 filing, he said.