Here's my take based on the intel I've got from inside Global Air Holdings.
1. Atlas approached Global and tried to buy NAA for their budding passenger charter business. Global told them they'd sell NAA, but Atlas would have to take World as well. Atlas demurred because they don't want the MD-11s.
2. Global declares bankruptcy. The park the World MDs and NAA 757s leaving them with 4 747-4s, (two straight and 2 Fs) and 5 767s. Additionally, they furlough the excess pilots and F/As from both operations and lose their debt burden.
3. Then they offer Atlas a prepackaged deal where Atlas gets the passenger planes and can use the -Fs as spares or in their wet lease ops.
4. The Atlas CEO has publicly stated that they are looking at expanding their pax ops AND establishing an East Coast base (JFK?) NAA's 767s are technically located in Tampa, but NAA crews are JFK based.
5. Just after the bankruptcy announcement, the NAA VP of Inflight who resides in NYC puts in an application to Atlas.
Add it all up and you get Atlas getting everything they need from Global Air Services WITHOUT having to take the MD-11s that they don't want. The hedge fund managers who run Global take the money and run.
Sounds like a prepackaged deal to me. Expect an announcement this summer.