Just another angle! When the possibility of a merger 'emerged' from the media, both DAL and NWA stock were priced at around $12 each, and both rose to around $16 shortly thereafter. so the money guys who know the differences in culture, etc. between the two pilot groups take profits at $16ish and let it play out and say that it rides on everybody being happy in the end. the deal falls through and thus stocks fall as they have.
they then could jump back into the stocks at some lower price level and push the deal again and hope for the same result. if the hedges or creditors of both these companys are driving this and they take profits twice they could realize over 50-60% gains over a relatively short time frame.
If it is indeed the creditors that are the 'real' driving force behind this then we have not seen the end of it, IF they think that things could be worked out with respect to the two employee groups or IF they do not care.
good luck to all,