I do not see this as a viable option. It’s incredibly costly to create a new airline out of thin air. Probably much more expensive than realized. Delta was losing 100 million a day just 1 year ago, and has just recently began turning a profit. You speak about shareholders, what shareholders want to see delta, the company that just finally became profitable again, spend millions and millions to create a new airline?
I would imagine they rather see delta sell or burn the planes for the insurance money before dumping money into an investment that will take an enormous amount of time and effort to complete.