UNITED Dumps Stake in Orbitz

Judge clears UAL sale of Orbitz stake
Move could put up to $52M in airline coffers


By Betsy Riley
UAL Corp. got an early Halloween treat Thursday when U.S. Bankruptcy Court
Judge Eugene Wedoff gave the carrier permission to sell off part of its 26%
stake in Chicago-based Internet travel agency Orbitz Inc.

The Elk Grove Township-based parent of United Airlines wants to sell off no
more than 9% of its ownership in Orbitz when the travel agency holds its
initial public offering (IPO). Orbitz expects to begin trading in November,
with IPO shares priced at $22.

The Elk Grove Township-based parent of United Airlines wants to sell
off no more than 9% of its ownership in Orbitz when the travel
agency holds its initial public offering (IPO). Orbitz expects to
begin trading in November, with IPO shares priced at $22.

Look at the Orbitz S-1. Each of the five of the owners is planning to
sell a part of their Orbitz stock, but they're holding on to most of
their stock and will continue to own enough to jointly control the
company after the IPO.

Since United is in bankruptcy, it needs the court's permission to sell
their bit, which is why there've been press releases, but their plans
are no different from the other four airlines.