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Old 10-16-2002, 01:39 AM   #1
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United seems headed for bankruptcy

United seems headed for bankruptcy

A year ago this week Jim Goodwin, the former chief executive of United Airlines, wrote a letter to employees warning that "we are in nothing less than a fight for our life".

"Clearly this bleeding has to be stopped - and soon - or United will perish sometime next year," he said. The thanks he got for this letter was to be marched swiftly out of the company.

The message outraged union leaders, who dubbed it the "Chicken Little letter" for its alarmist tone, and caused UAL's stock price to drop 10 per cent to about $17 at the time.
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