I don't think CO's product is "miles apart" from either DL or NW. "Miles apart" would be MH-like service and more seat pitch.

I also think the failure of a single US major would "clear the air" significantly.

I think CO is best off with Skyteam as an alliance.

I believe that UA will not sell off the LHR slots until the very end, and bluntly, UA doesn't need CO. UA will either survive, or grind into the ground, but there's no way they would be interested in CO. What does CO bring, really?

Steve