AA runs into too many problems. They can't buy Cdn Regional outright or take out a significant equity stake (foreign ownership restrictions).

AC would have nothing to worry about. If anyone buys Cdn regional, they buy the liabilities with it (including outstanding tickets). So AC get the use of the cash until the closing date, and the new buyer would have to pony up with the product.

I don't think any of the existing Cdn carriers are in any position to buy up Cdn Regional. I would be interesting if C3K were decide to expand in this direction, but I wonder if they have the cash/financing to venture into this area. I don't know that I would want to put my existing operations at risk to take on AC.