CitationLover
Aw, Nuts!
- Joined
- Feb 26, 2003
- Posts
- 3,316
Anything is possible in this crazy business but I don't see AAI participating in any deals that help NWA become more efficient. I think that AAI will sit tight and slowly apply increasing pressure in MKE (to the extent possible with only 4 gates) while waiting to see what happens with NWA/DAL. At some point AAI will start making noises about wanting to grow more in MKE but being constrained by lack of available gates. AAI is smart and I'm sure if DAL/NWA gets underway they will go to the DOJ and cry foul over the combined MEH/NWA/DAL presence in MKE and push for some divestment of MKE holdings that could come AAI's way. AAI has already said that a DAL/NWA combination could require some spinoff that could help AAI. Mark my words, if DAL/NWA ever really gets rolling MEH becomes small potatos and if it needs to get divested it gets divested. AAI is the most likely customer for all or part of MEH. TPG doesn't give a rip who owns MEH as long as they get their money. AAI can still end up the dominant player in MKE a few years from now.
if MEH is bought by NWA before a DAL merger, which a DAL merger is unlikely to occur, then there is no divestiture.
then who is better prepared to fight a two front (hub) war: NWA or AAI? if AAI goes after MKE, then NWA will hammer them there and in IND. AAI whining for more gate space is the grand strategy I guess.