Really? This is a mischaracterization at the very least. I don't think UAL is doing great, believe me, but they're certainly not "bleeding cash." And I don't even know how you could determine DAL's cash position seeing as they just exited CH11, with all the accounting wizardry that surrounds that event. If you want to say you have a general feeling that DAL is doing better than UAL, I could go for that. Or that DAL is headed in the right direction while UAL is not, maybe so. But your "bleeding cash" statement is just not accurate.

That being said, much of the rest of your post may have some merit.