Originally Posted by
pbarnette
I think you should re-read the disclosures for both airlines. In particular, you should revisit the basis upon which UA values their miles and their discussion of the write-down of their previous deferred revenue balance. You should also pay attention to DL's discussion of the differing treatment of miles earned for flights and those sold to retail or financial partners.
Last time I checked, I thought the SEC reports said they used a uniform price for the miles on their books based on the price that miles are sold to Amex. It was late at night though so I might have missed something. Sounds like you might have better info on this.