You're confusing "stock holders" with creditors. Stock holders have no voice, DAL stock is heading to $0 and all their stock will be liquidated. The creditors committee on the other hand does have a say, as do the regulators, BOD, management and the Judge.
What perhaps you are also failing to consider is that the creditors are not being offered $8B in cash. Oh no no no, they are being offered cash and stock. What's that stock going to be worth? What relationship will this new enterprise have with the creditors? Will merging DAL with LCC, which hasn't even completed its merger between AWA and AAA yet, be as profitable as allowing DAL to go it alone? Will sadling this new enterprise with $8B in debt make it more likely or less likely to return an investment on whichever stock is issued. What about labor unrest? LCC is in the midst of union negotiations for a single contract, would bringing in 6,500 more pilots and opening up that contract for negotiations lead to greater stability and returns, or add another unknown to the equation. Does extending DAL's BK in order to get through the regulatory hurdles as well as the legal costs make sense? How does all of this affect claim values, stock values and future contracts?
As far as your liquidator comment, well that's just not a serious comment and you should know that. After all, why would Parker leverage so much in order to come up with an offer for DAL if DAL was heading anywhere towards a liquidator?
I give this merger about a 1 chance in four of happening and far longer odds at actually creating anything near the returns and synergies Parker claims if it does.
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