With AMR’s stock soaring, a few executives have cashed in their company shares.Since the American Airlines-US Airways merger was announced, the Fort Worth-based carrier’s shares have risen over 400 percent to $6.55. Usually, common stock is considered worthless after a company enters bankruptcy because shareholders are often wiped out when the company restructures.But in this case, the merger deal gives some value to existing shareholders, and that has driven the price up.According to documents filed with the Securities and Exchange Commission, three AMR executives acquired stock options, then sold some existing shares over the past week.Chief Financial Officer Bella Goren acquired 13,007 shares of common stock at $6.13 on Wednesday. She then sold 33,979 shares on Wednesday and Thursday at prices ranging from $6.33 to $6.88, for a total sale price of $222,028.22.Goren’s profit can’t be calculated because the filing did not say how much she paid for previous shares.Executive Vice President Dan Garton, who also runs American Eagle, acquired 19,514 shares at $5.83 each on Tuesday. The next two days, he sold those shares for $120,168.03 at prices ranging from $5.91 to $6.82. His gain was $6,401.41.And AMR’s general counsel, Gary Kennedy, acquired 11,112 shares Tuesday at $5.83, then sold them for $68,419.39 over the next two days at prices ranging from $5.91 to $6.82. His profit was $3,636.43.AMR plans to complete its merger with US Airways in the fall, pending the approval of government regulators and US Airways shareholders.
Andrea Ahles, 817-390-7631 Twitter: @Sky_Talk