I'm with you. One of the J-S articles mentioned how under some circumstances, NWA would have the right to buy out TPG's interest. That option of sorts could be the basis for all sorts of payments from NWA to TPG, such that even if Midwest does nothing to speak of from a business perspective, TPG wins.

If I were an antitrust regulator, I'd be focusing not so much on overlapping routes, but instead on the possibility that this deal amounts to nothing more than payments from NWA to Midwest not to accept the AirTrain offer (and the intense competition that would entail for NWA).