Such a strategic reversal has probably cost shareholders about $400 million since 1985.

He argued that it would allow maintenance costs to drop and values to rise, thus not really costing shareholders too much more.

The company's stock, which reached $64 a share in 2000, fell as low as $1.11, costing shareholders about $89 billion in market value.

"The quicker they put the credit division behind them, the more money it will cost shareholders," said Jim Drury, a bond analyst with Prudential Securities.

This caused Cendant stock to plummet from $39 to $20 in a single day, eventually reaching $9, and costing shareholders about US$14 billion.

Companies did not even have to disclose how much many of these perks cost shareholders.

The reorganization will cost shareholders $509 million - $338 million after taxes - or $1.26 a share.

(What do the trips cost shareholders?)

(Wonder what those trips cost shareholders?)

Certainly AMR should do an accounting of the travel program to see how much it costs shareholders.