That's turning out to be the big question, reports the New York Times. The negotiations between US Airways and Delta are stalled … sort of. Delta is not in control of its own destiny in bankruptcy and only the committee of creditors can force the negotiations forward but the committee asked US Airways to raise its bid to $10.8 billion.

The paper reports that the committee was moving to agreeing to due diligence and US Airways was talking about raising its bid.

In the background at Delta and other recovering airlines are the pilots who want to recoup the pay cuts and givebacks they've made over the last few years to keep their airlines above water. And why not when their pay has been cut in half. Even Southwest, whose pilots are now the highest paid at $198 an hour are looking to get a better deal. But those rising costs could easily panic investors who are buying up the stock.

The airlines don't want a strike but they'd be crazy to accede to excessive demands. The pilots simply cannot expect to retain the pay levels of 30 years ago when regulation allowed the industry to act like a near-monopoly. In those days, the airlines only competed on service and marketing because the market was divided and protected. That hasn't been so for at least a generation.

One pilot tells the paper it's time to recoup their investment (that is, paycuts) to keep the airlines flying. Rather than jump up wages and risk it all or face going back to another brutal round of cuts, now might be a good time to get some options packages lined up. Then the pilots would benefit from the airline's long-term success and its rising stock price.