BusFlyer - not a SWA pilot but I too am curious... Would you please specify your scenario a little more?
Are you talking about one airline simply buying another airline or one airline buying out a bankrupt airline? I have no dog in this fight but don't you think the answer might be different depending on the specifics?
For example, this "auction" that just happened - would it have been feasible for another entity to bid for lets say airplanes only? Or the gate leases, etc? This was not a merger, this was an auction, correct?