Well hello there folks...just dropping in from throwing the wrench in the wheel.
"Just to be fair". We should know what JP MORGAN's FULL involvement is in this merger and why they PURPOSEFULLY published this when they did and what exactly they left out. The empirical evidenced used/left out says it all.
Here's a little info from an investor to the SEC.
"This is a follow up to information and pending complaint requested against JP Morgan analyst Jamie Baker's attempt to materially affect the outcome of the Northwest Airlines and Delta Airlines merger attempt, by publishing erroneous and potentially damaging information with an attempt to publicly influence the public, Northwest Airlines employees, NWA shareholders, and the DOJ.
Background: JP Morgan is a the largest shareholder of Delta Airlines: http://finance.yahoo.com/q/mh?s=DAL
JP MORGAN CHASE & COMPANY 44,400,157 15.20 $381,841,350 31-Mar-08
( giving it a material interest in completing the acquisition of Northwest Airlines)... JP Morgan is the acting advisor to Northwest Airlines in the merger transaction with Northwest Airlines. Jamie Baker is an airline analyst with JP Morgan. Jamie Baker's report was issued on May 20th during Congressional hearings on the Delta/NWA merger.
Link to Jamie Baker's/JP Morgan report: https://mm.jpmorgan.com/stp/t/c.do?i=93B0-B....pdf*h_-1lkk3d9
Page six contains erroneous financial data that artificially places Northwest in a precarious financial position when it is in fact one of the strongest financially. Thereby, insinuating that NWA must merge with Delta to survive. This is the farthest from the truth of the true state of the airline's financial state. Mr. Baker makes a mild attempt to justify his review of Northwest's balance sheet by touching on the least desirable aspects of NWA's corporate finance, page 39 of his report. In direct comparison to United Airlines, whom he valued it's slot portfolio at London Heathrow at a min of $500 million plus and undisclosed amount on the more valuable Tokyo NRT slot value, as Mr. Baker also pointed out for AMR and it's few NRT slots.
This is significant because Mr. Baker purposely excluded NWA's highly valuable Asian franchise (the largest of all US carriers) along with the largest slot portfolio at Tokyo NRT outside of Japan Airlines. NWA international route authorities alone (unencumbered) are valued in excess of $2.9 billion. Moreover, NWA maintains the strongest cash flow and balance sheet of all US legacy carriers. (page 42) Further, he purposely excludes NWA fleet of encumbered 32 widebody A330 aircraft valued in the billions, instead focusing on the oldest and least desirable aircraft in Northwest's fleet.
It is my belief, and many other investors, based on JP Morgan's direct position and involvement (as it stands to materially gain from the completion of this merger as a large Delta shareholder, NW representative) it has and is attempting to illegally influence the outcome through erroneous information published in the media. It appears to be a blatant attempt to influence the public, NWA employees (who have made it publicly known that they oppose the merger) and NWA shareholders by presenting a false analysis of Northwest Airlines financial condition. It has falsely presented Delta in a manner that does not reflect it's present and immediate financial position in comparison to it's competitors.
I believe this to be in clear violation of US Security and Exchange Regulations.
I am requesting a full investigation of JP Morgan's direct and inappropriate distorted attempt at influencing a business transaction that it stands to directly profit from, as in the Northwest/Delta airlines merger."
Well well well....I wouldn't get too excited about a fake report cooked up by an entity highly INVOLVED in the merger attempt, and one who stands to PROFIT hugely only if there is a merger. Sounds to me JP MORGAN is trying to paint Delta as a saving grace to NW when there simply is no financial facts to back it up. I especially like the part where they LEAVE OUT NW'S ASIAN DIVISION, while praising the value of United's AND AMR'S (few Asian routes) that pretty much says what the 'value' of jamie baker's report is....ZERO.
See ya round kids!