DAL earned 1.05 billion before special items. During the call, Anderson spoke of more consolidation to further rationalize the industry.
Could it be that AMR has it's eye on a stand alone exit? After which, it could go after ALK. How much value does USAirways add to American Airlines...from AMR's viewpoint? I would argue not much more than it already has, plus a significant amount of debt. On the other hand, LCC NEEDS American.
Delta has extensive codeshare agreements with Alaska. By merging American with Alaska Airlines, AMR adds to their route network, while significantly damaging/disrupting a major competitor (Delta). Perhaps this is why Anderson spoke privately of his interest in ALK and HA.
If it has no intent on bidding for ALK, the threat alone, would cause DAL to protect itself and overspend on expensive stock (ALK).
Alas, the unsecured creditors, in the end, may derail Tom Horton's best laid plans. They appear to be holding a sizeable hammer here. This is about to get interesting.