This is it in a nut shell. The pilots will beat their chests and say all the right things, but when it comes right down to it, they will not walk out.
Exactly - it is not in either side's interest to engage in self-help. I fully expect NWA and ALPA to reach an agreement, especially if NWA allows ALPA to staff "NEWCO" (using the term loosely) and throws in a sizeable equity stake w/BOD representation.