Boeing in the Catbird Seat

Life just keeps getting better for Boeing(BA Quote).

Not only is the company's stock soaring and its order book full, it now finds itself in an opportune position as chairman of the creditors' committee for bankrupt Delta Air Lines(DALRQ.PK Quote). In the coming battle over the hostile bid for Delta by US Airways(LCC Quote), the creditors' committee will likely make the ultimate decision on the airline's future.

For Boeing, "It's Monty Hall and 'Let's Make a Deal,'" said Scott Hamilton, who publishes an online newsletter about Airbus and Boeing. For the longer term, if US Airways succeeds in acquiring Delta through a hostile takeover, a round of aircraft buying could result, further benefiting Boeing as well as rival Airbus.

In the US Airways bankruptcy that preceded a 2005 merger with America West Airlines, Airbus was chairman of the creditors' committee. As part of its effort to gain creditor support for the deal and to get a $250 million loan from Airbus, America West placed an order for 20 of Airbus' A350s.

But that was then. The new US Airways could cancel the A350 order, given the unanticipated delay in filling it, and commit to buying new Boeing aircraft in an effort to gain support for a Delta takeover, Hamilton said.

Boeing Capital, a Boeing subsidiary that arranges financing for aircraft orders, holds $81 million in Delta equipment trust certificates, secured by aircraft, said spokeswoman Donna Mikov. Additionally, the unit holds a claim based on unfilled orders for 57 of its 737-800s and five extended-range 777-200s. Mikov declined to provide a value for the aircraft order.