If NW has a market cap of around $450 million, AA could purchase it because AA has about $3 billion in cash. It can also raise money by selling all or parts of AE and they have a few assets left they can sell. They can also raise unsecured capital (although it would be expensive in terms of interest). But the problem would be that AA would acquire ALL of NW's obligations (debt, A/C lease payments etc.). AA would not be able to select what assets and liabilities it would take like they did at TWA. Looking at NW's balance sheet, one can see that they have a negative net worth. Plus there would be the costs associated with integrating the two carriers to say nothing of the workforces.