Originally Posted by ToiletDuck

Delta/AA could merge and stick a knife in both CAL and NW so that's a possibility. I was reading today where Delta has submitted to both for bids. They could kill two birds with one stone that way. CAL can't merge unless NW merges. Delta could trump two competitors like this. If NW does merge it frees up the option for CAL. Part of the post 9/11 deals. However CAL will have to somehow manage to come up with a crisp $100 bill to pay NW. It's called "The Golden Share".