If you see a NW/AA hookup, you can kiss MSP and DTW goodbye. Why would AA need them, given their desire to dominate the Chicago market and put the DTW and MSP traffic right into ORD. There are regulations that might prevent that, but AA always seems to get around them.

As for a potential DL liquidation, so be it. Twenty years ago, they were the best of the best. Now they're not even equal to the rest. I can't say I would be sorry to see them go, because it would cut down a hell of a lot of excess capacity.

I know that CO extended its code-sharing alliance with NW on a 25 year contract back when NW gave up its preferred stock position but retained some veto power over different transactions. CO could easily get that provision thrown out in a NWA bankruptcy.

This is going to get very interesting...