Stock swaps are zero cash. If AMR buys them they get to pay a the poison pill for terminating our code share with money they frankly do not have.

DAL needs AS, HI, and the NKS LA routes in the next two years. AMR will do something with B6 and most of the B6 terminal in JFK will become our domestic terminal by default. (No customs) I see that is a very doable phase two to our JFK plan. !