The Good:
SAI is making steady advancement with continued delivery of 73’s and at least one additional B777 anticipated to be in use by 1st quarter 2016. Little doubt discussions to sign non-DHL customers for the proven, advanced heavy jet program are ongoing. Management, while clearly bound to board directives, is not irrational. They will act on a reasonable opportunity keep momentum rolling.
The Bad:
Board directors are focused on recovery of losses sustained over the Cargo 360 debacle. Bundling an upwardly mobile WALG holding into equity flip has to be at the very top of their long term objectives.
The Ugly:
None of the 4 DHL contractors wager exclusively their own chips. Diversified Atlas possesses the strongest bargaining position from which to strike a deal that lifts all boats. Just how high remains to be seen. Expectations are VERY high. Belief effective cross membership support will produce a unified 4 way deal is laudable if somewhat naive. More likely is a scenario where the lesser partners are intensely pressured to accept a lesser deal.