Excerpts taken from the December 31, 2002 Chicago Tribune, Chester Gougis, President and CEO of Duff & Phelps, testified that the stock prices of large companies that file for bankruptcy almost always go down to "virtually nothing". "And there is nothing about UAL to suggest that it won't follow the same pattern", Duff & Phelps' Gougis said.

Founded in 1932, Duff & Phelps is a middle market investment bank and financial advisory firm that is one of the oldest, largest and most distinguished ESOP/ERISA financial experts in the United States. In addition to its ESOP/ERISA practice, Duff & Phelps renders many financial opinions and fairness opinions in connection with corporate restructurings and bankruptcy cases.