Also consider that DAL has worse financial numbers than NWA according to yesterdays transcript.
Many failed airlines in the past were adding airframes at a time when they should have been conserving cash instead of adding expensive aircraft leases.
Consider the ratios of cash divided by the revenues mentioned in the opening remarks. DAL had a ratio of 13 while NWA was over 23, being only behind SWA the airline profit leader.
I don't think anybody feels DAL needs NWA to survive, or vice versa. If we were talking about one failing carrier merging with one strong carrier, I could see your point.
I hope your lawyers have got something better than that for you to hang your hat on....
Bringing a bunch of planes to the table that are quickly heading to the desert will be a tough argument to overcome.
Not to mention, no new airframes for at least 2 years.
All of this with Delta in the middle of the largest international expansion in the history of the airline industry.
Abe