Originally Posted by Carl Spackler

You've zoned in on one of the very important points, in my view. My interpretation of Bloch's use of the term "prevailing equities of the new relationship" is a reiteration of his comment that the arbitration board essentially agrees that neither airline is saving the other, and they view this as a merger of equals.

I think the comment about both companies being equal isn't very significant, because as Mr. Bloch states, there has not been, "any serious argument from either side that one company is the savior of the other in this."

Using the term "prevailing equitites of the new relationship" is shorthand for the board's overall view of the two companies and what they brought to the merger.