Originally Posted by
Carl Spackler
Take a look at our stock prices. The hedge funds and investment banks are getting killed by their investments in our stocks. There is virtually no hope for them to realize anything but big losses. In my opinion, the hedge funds have lost all of their ability to pressure Anderson and Steenland. And while I never assumed any hedge fund would care what I think, I do think there is a fundamental disrespect for what NWA brings to the merger. It shows over and over again on these forums and in what I read from both DALPA and NWALPA. I simply think another corporate combination would be better for NWA. Delta's stock is sinking so fast, you may not be in a position to acquire anybody with a stock swap.
Not at all worried about a Carl Icahn style break up. The only way that could happen is if we were in a liquidation situation. We have as much unrestricted cash as Delta and we are much smaller with lower costs. There will be many other airline liquidations before NWA gets there, and given the numbers, Delta would go before NWA.
Carl
Carl,
I'm implying ALL airlines are at risk of being piecemealed. DAL and NWA have breakup values of nearly $10 billion individually. If you don't think those are compelling numbers when the street values are a quarter of that than I don't know what to say. My point is that the merger may be in both our interests as the combined carrier with greater liquidity, leverage, market value, and resources may be able to better withstand a break up style environment. Look at Pan Am. Broken up. Only certain pilots went to UAL and DAL. None of us would benefit from this.