Seems like the big three in the OW alliance (AA, BA and QF) are teaming up now to make a joint offer for JAL. Needless to say, I think doing a joint bid by the core three ensures OW should survive as an alliance especially if the big three have an incentive such as a joint held company keeping them together.
source:
http://news.airwise.com/story/view/1253264537.html
Originally Posted by Airwise/Reuters
American Airlines plans to team up with British Airways and Qantas Airways to make a joint alliance offer to Japan Airlines, two sources with direct knowledge of the talks said.