I would try to maximize the value for DL's stakeholders. I noted the other week, for example, that they could likely trade their hostility for the headquarters of the new entity remaining in ATL. I think you can kiss that deal goodbye, today.

A friend emailed me this morning to say that, under DL's plan announced today, it would give the reorganized DAL a market capitalization equal to Southwest's, and double American's. If that's true (and I believe it is, since the creditors would be paid solely in Delta stock), it's more evidence of the funny money involved here.