American Airlines has made an offer to purchase a 49% equity stake in the start-up airline DC Air.  The terms of the proposed agreement include a 20-year “marketing alliance” between the airlines, a lease agreement for aircraft and the provision of additional services by American.  If the proposal goes through in its present form AA and DC Air will enter into an exclusive code sharing agreement and will share the same frequent flyer program.  DC Air passengers who choose to join will also have access to American’s Admiral’s Club.  In stations where both AA and DC Air operate, American will provide comprehensive ground handling (e.g., ticket counter, gate and ramp) for DC Air.  In addition to the acquisition of 49% of DC Air’s stock, American would have the right of first refusal on the other 51% should the majority owner choose to divest.