EXHIBIT 23.5
 
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                              CONSENT OF APPRAISER
 
  We hereby consent to the references made to us by UAL Corporation and United
Air Lines, Inc. under the captions "SUMMARY OF THE PLAN OF RECAPITALIZATION--
The Plan of Recapitalization," "SPECIAL FACTORS--Certain Company Analyses," "--
Effect of the Recapitalization on Income Statement, Book Equity and Cash Flow,"
"--Recommendation of the Board," "--Opinions of the Financial Advisors to the
Board" and "--Certain Risk Factors" in the Proxy Statement/Joint Prospectus
constituting a part of this Registration Statement on Form S-4. In addition, we
consent to the filing of our appraisal report referred to therein as an exhibit
to the Registration Statement. In giving such consent, we do not thereby admit
that we come within the category of persons whose consent is required under
Section 7 of the Securities Act of 1933, as amended, or the rules and
regulations of the Securities and Exchange Commission thereunder.
 
                                          American Appraisal Associates, Inc.
 
                                                   /s/ Ronald M. Goergen
                                          By __________________________________
                                            Name: Ronald M. Goergen
                                            Title: Executive Vice President
 
Milwaukee, Wisconsin
Date: April 11, 1994