>>Liquidity is not a problem as long as you can borrow! The simple fact is NW's debt rating hinders its borrowing power.<<
Gee, thanks professor. Gee, maybe I shouldn't have bothered with the MBA and just visited airliners.net so a teenager could explain to me that debt rating hinders borrowing power.
Northwest's debt ratings are comparable to other majors. Northwest has a variety of ratings on its various notes/bonds etc., but its ratings are similar to that of AMR's. You can go to Moodys.com to check.
And I disagree that net worth is the most important thing to look at anyway. Debt-to-equity ratio is a more valuable indicator. All airlines market caps are depressed right now relative to before 9/11, so net worth is skewed.
An unexamined life isn't worth living.