Investor group wants American to consider a spinoff of AAdvantage

FL Group, an Iceland-based investment company that describes itself as one of American Airlines’ biggest shareholders, said it has asked American’s parent AMR Corp. to “immediately consider strategic alternatives” to boost shareholder value – including a possible spinoff of tis AAdvantage frequent flyer program. The group noted that AMR’s share price has dropped almost 50 percent this year. FL Group said that although AMR doesn’t break down financial results separately for different divisions, FL performed its own “conservative analysis” of AMR’s businesses and “believes there is significant hidden shareholder value to be unlocked.” It said that by unbundling” the AAdvantage program, AMR could increase shareholder value by more than $4 billion.