"The Financial Picture
From the evidence, it is clear enough that the merger with AWA was a meaningful factor in U.S. Airway’s emergence from bankruptcy. Together, the two companies were able to attract investments that, operating alone, they might not have secured.
However, West’s claim that U.S. Airways emerged from bankruptcy “only because it [was] acquired by a stronger enterprise” is reflected neither in the KPMG audit report (cited by West) nor in any other portion of the evidence. Instead, each carrier had something to contribute. Airways, for example, was much larger. It served almost twice as many destinations as AWA and carried twice the number of passengers. Airways has substantially more cash on hand, following the merger agreement."
Arbitrator Richard Bloch
April 2007
http://jamhoff.com/PDFs/ArbitratorDecisionAward.pdf