Originally Posted by sllevin

NW's "Golden Share" is no longer valid. One of the conditions of it was that there be no change of control at NW -- and bankruptcy is a change of control.

I could see, in some sense, CO and NW chosing to merge for fear the other would merge with someone else -- sort of a musical chair situation, because it's clear that if one of the two merges with someone else...the other will be the loser.

Steve