From the press-focused conf call - lots of dicsussion about how the JV will help both DL and VS, being able to leverage their strengths and solidify positioning in the very important TransAtlantic (primarily revolving around Heathrow) mkt. Some discussion on DL's ability over time through the partnership to help VS in non-JV related areas (like IT); also DL basically confident in the trajectory of VS's biz towards profitability (as they now own a portion of VS's losses as well).

Short version on a couple of questions from this thread:
- transaction closed. Means that DL is now the proud owner of 49% of VS.
- expect antitrust immunity approvals from DOT by end of yr.
- codeshare starts next week (7/3); 17 DL codes on VS flights, 91 VS codes on DL flights. DL nonstops to LHR via VS now from LAX, SFO, ORD, IAD.
- No update yet on SEA - LHR flight, expect some annc in the near future.
- Anncounced ability to earn "up to" 125% bonus miles - not just codeshare flights (on only certain fares, I'm sure). Also priority access and baggage allowances across all flights, not just codeshares.
- Club and lounge reciprocal access.
- no decision on VS's part about joining SkyTeam. Happy with current partners (DL partnership "the most important thing we can do").

No discussion yet about fancy red uniform swaps or anything.