My opinion for what it is worth. I hope I am wrong on a couple of points, here goes.
Delta goes stand-alone after Bethune convinces the creditors that there is more value/less risk in Delta going it alone and merging with NW later. To put the creditors doubts about this at ease the DL BOD names Bethune Chairman of the Board.
US discovers that while they spent all this time and energy on a merger that did not go thru they now have a plate full of labor problems on the home front.
DL & NW merge in late 07 early 08.
UA & CO follow.
US orders a boat load of airbus wide bodies to grow their Atlantic routes on their own (what a concept). They also put in a bid for Alaska but are out bid by AA.
All the "experts" that once sang Doug's praises now criticize him for not taking care of his own before waste ting all this time and energy on a merger that did not happen.
