AMR Looks to Mega Millions for Help
AMR Corporation, the parent company of American Airlines and American Eagle Airlines, has been searching for a way out of bankruptcy since it filed for Chapter 11 in November 2011. With the current Mega Millions jackpot at $640 million and counting, AMR thinks it has a way to somewhat close the $4 billion deficit it currently faces.
“We are investing $180 million in Mega Millions tickets, which according to our economists will give us better-than-average odds,” said VP of Budgeting Chad Wilson. We suggested to Wilson that he read this CNN article, which states 1 in 175.7 million as the odds of winning and provides a dose of reality for hopeful gamblers. Says Wilson, “we read the article, we know the odds, that’s why we’re playing. As long as we buy at least 175.7 million tickets, we are guaranteed to win. Right?”
When asked how they would use the money if they win, an anonymous senior executive within AMR explained that they would “pay off some PR and legal fees from [their] fight with the money-wasting labor unions.” If they don’t win, they will just write the tickets off as losses and proceed with bankruptcy.