But distressed-debt buyers, including hedge funds, have been snapping up the airlines' specialized securities, called pooled asset-backed securities and enhanced equipment trust certificates (EETC)--and making out quite well.

FORBES: Hedge Funds Are Flying High

Buy an EETC backed by one of United's new Airbus A320s--the plane preferred by upstart airline JetBlue Airways (nyse: JBLU - news - people )--and you might make a big profit, Denney says.

FORBES: Magazine Article