The reason for "buy at the fire sale prices" and "pick up the pieces" is quite simple. If you were to partner in a business with someone, would you pick a partner that has even more debt than you, poor moral, and other business considerations that seem to be worse than your current condition?
Not if you don't have to and right now, CAL doesn't have to. Kellner knew this and wanted to stay away from the debt. He told me this to my face. Ch 11 allows this debt to disappear and bargains to be had and gains to be greater from this kind or "aquire" mindset that could lead to profitability.

West Coast and International routes are what CAL wants, nothing else.

Mind you, I don't want United to fall at all and I feel for my friends at UAL that have had to endure Tilton's madness and follies. I couldn't imagine watching this idiot burn the place down. Hopefully, he will be stopped before the worst happens. If not, I wouldb't mind a merger with UAL if I could be sure that my job is protected. Being in the bottom 1/3, I am not sure that this would be the case. Being what self preservation is, I want to avoid a merger for personal reasons.

If we could pull a play nice merger like DAL and NWA without furloughs, then game on.