I think the arbitrators will closely follow the outline of the UAL-CAL process in looking at the 3 carriers present and future competitive and financial prospects. They will evaluate and weigh the "Economic Background" of the 3 carriers (more relevant then two, considering the SLI situation there) in the context of what pilots on each of the 3 lists could reasonably expect in their careers and the individual "Economic Status and Prospects at Merger Closing Date" of each of the 3 operations, including financial status and fleet composition (to include orders and options), which is even more relevant.

AA's bankruptcy was widely agreed to be a "housecleaning" move to gut labor, most notably pensions and retiree medical benefits and not the typical financial knee-buckling necessity usually seen. I'd be surprised if the arbitrators weighed AA negatively from a financial status or questionable prospects standpoint, at least in comparison to US Airways or America West (which is really what is being compared in this SLI and not say compared to Delta or Southwest). APA would have plenty of ammo for that argument considering last quarters financials and the projections going forward. As for the actual arguments by the 2-3 sides, I don't think the arbitrators will factor in "appeasing" anyone as that didn't occur in the UAL-CAL SLI. If done properly, it will be more of a straight valuation in what each of the 3 parties brought to the table in career prospects for their respective pilots and present and expected compensation