MR, you are right. A refloat of the stock is the other exit, but it can't price properly so long as (a) the entire sector is depressed, and (B) US, in particular, is unable to achieve significant operating improvement, something that appears to elude them no matter how draconian the reductions. Dumping the place will be faster, and probably more profitable. The crucible for the management is to continue to strip the place without permanently damaging the franchise. Already, the Shuttle looks less interesting, and they keep gambling that reducing or eliminating what, in the past, were core services, will simply drive traffic to what is left. In the latter undertaking, they don't seem to give sufficient weight to what competitive forces will do, particularly the low cost guys, in the way of backfilling. The internal thinking appears very parochial, and seems to be based on past historical experience. Where it comes unstuck is, in the past, the upstart carrier was crushed by the application of superior service and marketing at matching cost to the consumer. This time around, they have not been able to afford to do it, and you can see a couple of significant new entrants gaining critical mass (JetBlue, AirTran, Frontier). Those guys are not Vanguard or Carnival. Likewise, as in BWI, WN has wasted no time in filling the hole. Just walk down the concourse at PBI and count the number of gates WN has added in the last 2 years. I follow this thing more as sport, than anything. Learning from people's mistakes is useful. In Wolf's case, you could understand why they did what they did. The guy was working towards a payday, and probably would have gotten it if he hadn't pushed his less talented opposite number at UA to an unsustainable price point. That was just arrogance, because he clearly always knew the business plan was limited by history and geography. On the other hand, this bunch seems to think they can fix it, and may not comprehend the very black and white realities of an investment fund. It is return driven, and as such, its imperatives are always changing. The other unspoken issue is Continental, with whom US competes very direclty in many markets. They have quite successfully avoided scrutiny of their very weak balance sheet, gambling continuance of superior service would restore profits. Recently, they have begun to cut fares. In fact, curiously, if you scan the various fare search engines, you see guys like JetBlue are often more expensive than the majors, which speaks volumes about their ability to establish brand. It sort of reminds you of a film which you know ends a certain way, but you find entertainment value in how it gets there.