Airbus: Value Play or Value Trap?

The Emiratis are trying to figure out if Airbus is a value play or a value trap (or in other investment parlance, "cheap for a reason"). Long term the airlines cannot abide having only one healthy airplane supplier. Still, can a flawed structure be reformed at least enough to squeeze some returns out of Airbus? Also, do they really want to invest alongside the Russians? Experience councils caution on that score.

UPDATE: Some pink, foreign newspaper has a BIG roundup and commentary today on the troubles at Airbus (subscription req'd).