That langauge seems to suggest that a NW/AA hookup would have to happen BEFORE UA/CO do a deal.

Regardless, CO's got to get out of NW's poison pill. It's simply untenable for CO to have its future dictated by NW. If US/DL merge, the poison pill would seem to put NW in a strong position to drive the next move.

Maybe a giant, Yalta-like deal could be cut between UA/CO/NW/AA involving the poison pill, aircraft, routes, slots, and/or cash??? I think I hear investment bankers and corporate lawyers panting in the background...