latest ralphcramden bombshell: "breathtaking"

[USA320Pilot]

Abe:

USA320Pilot said: “Delta ALPA’s fragmentation protection is not that strong and the end result is companies like Goldman Sachs or Evercore could propose options to the financial community that could break up the Atlanta-based company and dispense of the assets without employees due to labor issues.â€

Abe asked: “Really....not that strong, huh? Compared to what? Could you elaborate on that, USA?â€

USA320Pilot comments: It is my understanding the Delta pilot contract states:

- Fragmentation Transaction: Sale of certain assets that produce 20% or more of the operating revenue, block hours or ASMs of the Company during the 12 months prior to the transaction.
- Disposes of the Song trade name, logo or trademark with one half or more of the aircraft then allocated to the Song operation.
- At the request of the Association, Company will require the transferee to:
o Employ a certain number of Delta pilots based on the number of crewmembers required for transferred assets
o Offer employment to eligibility criteria determined by ALPA and the Company, or an arbitrator
o Seniority integration procedures pursuant to ALPA Merger Policy or Allegheny-Mohawk Labor Protective Provisions

Abe, in my opinion, a fragmentation scenario would be not good for Delta’s employees, who are a great group of people. If the airline is carved up and part of the pilots go to America, Southwest, JetBlue, or AirTran what protections will you have?

One needs to look no further than to American and TWA to see how an ALPA - non-ALPA integration worked and how the TWA wmployees faired. With a break up of Delta, if that happens, what would happen to the Delta employees, many that do not have union protection?

However, if Delta merges with US Airways the pilots would have two ALPA carriers combining with ALPA contract protections, versus a potential fragmentation with a company that may not honor any of your fragmentation policy contained in Section 1 of the PWA.

I fully understand the fear and uncertainty in an airline bankruptcy. We at US Airways faced this situation twice and in many respects are lucky to be here. Now US Airways and America West have combined to become one of the financially strongest airlines in the world.

In fact, US Airways has a 2006 YTD Pre-Tax Income Margin of 4.9%, which more than twice the industry mean of 2.2% and is one of the most profitable airlines in the country. By comparison, United emerged from bankruptcy (about the same time as US Airways) as a stand-alone company and its 2006 YTD Pre-Tax Income Margin 0.5%, which is 1.7% worse than the industry mean after all of their “formal reorganization†cost cutting. Could the same thing happen to Delta and a stand-alone post bankrupt company?

I recently heard US Airways president Scott Kirby speak, a man I believe has integrity, and he said the New Delta would have the best balance sheet in the industry, the best earnings power in the industry, and he committed to offering the employee groups the highest cost contract of the three companies that would make up the New Delta (America West, Delta, and US Airways). US AIrways has indicated they could exceed $1.65 billion in merger economic synergies, what kind of job security would that create for all of us? How much power would that give to all of the different Joint Negotiating Committee’s to improve our pay, benefits, and retirement even more?

Abe, I believe the creditors committee is going to do what is best for the creditors, not the employees. As we all know far to well, labor has not faired well in bankruptcy court and I believe Delta ALPA could be creating a real risk for their members. Will a Delta fragmentation happen? I do not know. Maybe, maybe not. However, what I do know is that it is being discussed by key ALPA officials as a potential issue that may need to be dealt with in the future.

Best regards,

USA320Pilot

 

[etops1]

you guys can bash the pilot all you want . but he is right on on this one. happy holidays

 

[Cosmo]

In fact, US Airways has a 2006 YTD Pre-Tax Income Margin of 4.9%, which more than twice the industry mean of 2.2% and is one of the most profitable airlines in the country. By comparison, United emerged from bankruptcy (about the same time as US Airways) as a stand-alone company and its 2006 YTD Pre-Tax Income Margin 0.5%, which is 1.7% worse than the industry mean after all of their “formal reorganizationâ€￾ cost cutting. Could the same thing happen to Delta and a stand-alone post bankrupt company?

USA320Pilot:

I posted the following on December 6, 2006, in another thread when you first made this highly selective comparison (and yes, I know it originated in Parker's Powerpoint presentation that he gave when the US Airways proposed acquisition of Delta was announced on November 15, 2006 -- but his selective use of these numbers does not make the argument any more credible, especially since US Airways' financial results are trending weaker, not stronger).

I guess it depends on the time period used (and I assume that "2006 YTD" means the first three quarters of 2006). But if one looks at just the most recent quarter (2006's third quarter), the story is quite different, as shown below:

Consolidated 3rd Quarter 2006 Pre-Tax Income Margin

United: 4.8%
US Airways: -0.6%

(Sourced from each carrier's press release.)

One could just as easily argue from these figures that United has made better progress in merely two full quarters since emerging from Chapter 11 than US Airways has made in four. Thus, your use of United's stand-alone results as a surrogate for Delta's possible future stand-alone results actually weakens, rather than supports, your theory. What do you think about that?

I know you always like to show United in the worst light possible, but you might have jumped the gun with your comparison quoted above. And while I don't know whether United or US Airways will be the stronger of the two carriers financially in the long run, you certainly have no basis to claim that US Airways has already won that title. So without taking any position (yet) regarding whether US Airways' proposed acquisition of Delta should occur, perhaps Delta's possible future as a stand-alone carrier might not be so bleak after all.

Any response?

Now US Airways and America West have combined to become one of the financially strongest airlines in the world.

US Airways has made some terrific progress in the past year, but I think this comment is far too premature (given the carrier's 3rd quarter loss) and contains a bit too much hyperbole, even for you.

 

[BoeingBoy]

Cosmo,

It's meaningless, but UA's YTD profit margin is about 156%. Meaningless because it contains all the non-cash gains realized when they exited BK in the 1st quarter.

Looking at profit margin since UA exited BK, it comes out to about 2.1% compared to US' 4.1% YTD. Still an apples to oranges comparison - how well did US do in it's 1st 2 quarters out of BK?

Jim

 

[Cosmo]

It's meaningless, but UA's YTD profit margin is about 156%. Meaningless because it contains all the non-cash gains realized when they exited BK in the 1st quarter.

Looking at profit margin since UA exited BK, it comes out to about 2.1% compared to US' 4.1% YTD. Still an apples to oranges comparison - how well did US do in it's 1st 2 quarters out of BK?

Jim:

I considered pointing out that 156% pre-tax margin for United YTD as well but, like you, I thought it was pretty meaningless -- just like the selective numbers shown by USA320Pilot from Parker's Powerpoint presentation last month. Heck, I don't know how either carrier's financials will turn out in the future but, as I said before, it's too soon to be declaring US Airways the "winner" (especially after the 3rd quarter 2006 financial results were issued) and then using that "conclusion" to claim Delta's future as a stand-alone carrier is troubled. JMHO.

Cosmo

 

[BoeingBoy]

Heck, I don't know how either carrier's financials will turn out in the future but....

Cosmo

That makes at least two of us....

Jim

 

[USA320Pilot]

I obtained the pre-tax margin information from US Airways' merger presentation(s).

To view pre-tax margin information and three interesting Power Point presentations on the merger including the US Airways - Delta Merger Proposal, the US Airways Group November 17 Analyst Presentation, and the Calyon Securities Airline Conference Presentation click here.

Best regards,

USA320Pilot

 

[abe]

USA320Pilot comments: It is my understanding the Delta pilot contract states:

- Fragmentation Transaction: Sale of certain assets that produce 20% or more of the operating revenue, block hours or ASMs of the Company during the 12 months prior to the transaction.
- Disposes of the Song trade name, logo or trademark with one half or more of the aircraft then allocated to the Song operation.
- At the request of the Association, Company will require the transferee to:
o Employ a certain number of Delta pilots based on the number of crewmembers required for transferred assets
o Offer employment to eligibility criteria determined by ALPA and the Company, or an arbitrator
o Seniority integration procedures pursuant to ALPA Merger Policy or Allegheny-Mohawk Labor Protective Provisions

Abe, in my opinion, a fragmentation scenario would be not good for Delta’s employees, who are a great group of people. If the airline is carved up and part of the pilots go to America, Southwest, JetBlue, or AirTran what protections will you have?

USA320Pilot,

Thanks for your response.

That's the gist of it, I think. The Song portion really doesn't apply anymore. There also may be more to it, I honestly don't know.

It looks pretty standard to me. I'm not sure, but probably similar to other ALPA contracts out there, or maybe not?

Having never been, as George Bush would say, "fragmatized", I don't think either one of us really knows if this is "strong" or not (the main reason for my post).


As far as the other stuff, I appreciate your concern for the Delta people. While there may be an ulterior motive in there somewhere, for now I accept your post at face value…I find it heart-warming that you are looking out for the Delta employees.

The problem I have is that while you do a good job of explaining the obvious pitfalls of a Delta carve-out, you do a poor job of connecting the dots.

Your previous posts bring up Pan Am and their BK. You've got to admit that's a huge stretch and the two situations aren't even remotely similar.

Now you say that the Delta fragmentation scenario is being discussed by "key ALPA officials". If that's all you got, (that and the wisdom of "Cramden Nation"), then I'm going to have to raise the BS flag.

You're going to have to bring the creditors, BK judge and Delta BOD into your little scenario to make it credible. While you're at it, maybe pull in the CEO's from all the airlines you mentioned. How 'bout the gubment? Will they have some input?

Connect the dots for us. Right now all I see is an unnamed ALPA rep and a bunch of speculation about what could happen.



I can play that game too. What happens if this merger doesn't take place…let me look into my crystal ball:

*Delta emerges from BK in about 5 months.

*SWA continues it's assault into some of US Airways key cities (like PHL and CLT, perhaps).

*A merger takes place between DAL and NWA.

*Then later, CAL and UAL get together.

Now there are 3 mega-carriers, all with global reach and 3 strong low cost carriers (AAI, SWA, Jet Blue). And then there's US Airways…with all of the expensive parts of a legacy structure (many different aircraft, hub and spoke type system), but without the global network and corresponding revenue generation (or even the planes to build a one).

Is this all likely to happen? Probably not (at least I hope not). But it's just as good and/or likely as your story.


As I've said before, I don't need to see US Airways go down in flames to make me happy. That wouldn't make me happy at all...I've got more close friends at your carrier than I do at my own!

What would make the Delta folks happy, however is for Parker to take care of his unfinished business from Merger #1 and leave Delta out of his future plans.

What is interesting to me though is that the company in BK (us) is completely against this deal, and the company that is supposed to have all of their ducks in a row (you guys) are desperate for it. I mean Parker doesn't just want it to happen...he's pushed this thing into hostile takeover status!

Instead of asking "Can Delta go it alone?", if I worked for US Airways I would be asking Parker,"Can we go it alone?"

For your sake, I hope Parker and your friend Kirby have a Plan B.

In any case, I wish you and all the other US Airways employees the best and I hope you continue your apparent success as a stand alone carrier.

Abe
...I guess we'll all know soon where this thing is really headed!

 

[USA320Pilot]

Abe:

If I had it my way, I would not merge the two companies. However, nobody asked me.

In regard to a potential Delta fragmentation, my point is Delta ALPA cannot stop it and it could be very, very ugly. Moreover, do you think the creditors are going to want to work with the Delta pilots if they're going to try to disrupt a pay out that they believe is greater than Delta's POR would provide? Why not go with a plan by companies like Goldman Sachs, PAR Aviation, or Evercore, which could create a Delta fragmentation and splitting the Atlanta-based airline up between a number of different companies?

Would this not erase what the creditors believe is a potential ALPA problem?

We know that JetBlue, AirTran, Southwest, and other airlines are interested in Delta assets. Do you believe they would rather take the assets with or without employees? Do you think these companies remotely care about the welfare of the Delta employees?

Abe, the Delta employee problem is that your company is in bankruptcy and management does not control the process. That's tough and it sucks for employees, but as we know at US Airways, there are no guarantee's in a "formal reorganization".

Meanwhile, I do believe a merger between an on-going concern and a bankrupt company can obtain significant synergies because the bankruptcy code provides flexibility in lease and operating contract rejections.

In my opinion, the biggest issue going forward was articulated by William Warlick, an industry expert from Fitch Ratings, who was hired by the ATSB to audit all loan guarantee applications. “This (US Airways' merger proposal) is a pretty lucrative offer for unsecured debtors,â€￾ Warlick said. - The Philadelphia Inquirer, Nov. 16.

In addition, "We consider this [bid for Delta] a serious offer and a very substantial one, and one that we're assuming has a decent chance of actually happening." - Gary Kelly, Southwest Airlines Chief Executive, Wall Street Journal, Nov. 21.

Abe, Delta is going to roll out their stand-alone plan, which will be compared to the US Airways plan by the creditors and the bankruptcy court. I have a hunch, no it's more than a hunch, that Boeing is going to be the key creditor and will side with US Airways?

Why? Not only can Boeing get paid a premium by US Airways, the aircraft manufacturer can lock in a big aircraft order for both US Airways and Delta going forward in exchange for their support of the deal. They truly are in the Catbird's seat and I believe Ted Reed is dead-on accurate.

Regards,

USA320Pilot

P.S. My fragmentation tip came from an ALPA International official. Will it happen? I do not know. Is it being discussed apparently in airline "executive suites" and with investment bankers? Apparently so...

 

[700UW]

To all you Delta folks, here is what the US Airbus Capt is all about:

From the July 26, 2002 Charlotte Observer:

UNIONS CAN SINK US AIRWAYS WITHOUT AGREEMENTS FROM ALL ITS UNIONS, AIRLINE'S FUTURE IS BLEAK

In recent days US Airways has made much progress toward ensuring that it will have a future. It has reached tentative contract restructuring agreements with its pilots, flight attendants and the Transport Workers
Union, which represents the dispatchers, simulator engineers and flight crew training instructors, and with subsidiary PSA Airlines' pilots and flight attendants.

The International Association of Machinists (IAM) unit representing mechanics is close to a deal, and the IAM Fleet Service negotiators are making good progress.

But that's not enough.

The Communication Workers of America (CWA), which represents customer service and reservation agents, remains far from agreement with the company.
US Airways is on the brink of court-ordered bankruptcy because its situation is "unsustainable." Failure to improve the situation will have devastating effects on employees, customers and companies that depend on US Airways.

The airline has received a "conditional" federal loan guarantee approval, but can't use those funds unless it gets restructuring agreements with all labor groups, in accordance with the business plan submitted to the Air
Transportation Stabilization Board (ATSB).

Needed for loan guarantees

Major obstacles remain in the way of a voluntary restructuring.

US Airways may not be able to reach agreements with lenders without tentative agreements with the remaining unions. Unless it has those agreements the company wouldn't get final ATSB loan guarantee approval,
government sources believe.

How bad is the situation? The carrier continues to burn cash during what is historically the best-performing time of year. Ten months after Sept. 11, US Airways has not resolved its cost problems, the economy remains sluggish,
revenue is off 20 percent and low-cost competitors are aggressively attacking its market share. The industry has not recovered as expected.

Domestic fares are at 15-year lows. Shifts in buying patterns and travel options indicate airlines may never get the revenue per available seat mile they previously enjoyed.

Disturbing reports

US Airways needs restructuring agreements for either a voluntary restructuring or successful bankruptcy reorganization. If the company gets union concessions and qualifies for government financing, then if it's
forced into bankruptcy, it probably could get in and out of bankruptcy quickly.

What's disturbing are reports that the CWA leadership is misleading its members. Last Friday, company negotiators asked the union to meet, to try and resolve their differences. The union said its negotiators couldn't meet,
but its advisers would be available. However, I'm told that when management tried to schedule a meeting, they were told the advisers had other commitments. Meanwhile, the CWA issued a report telling its members the company met with the advisers last weekend - which management disputes.

Brinkmanship by any union could push the airline into bankruptcy. It's disappointing to see a relatively small group of employees risk the destruction of a viable company, with a devastating effect on 40,000 employees and their families.

No one can be sure what will happen in bankruptcy, but it's certain that if the company reorganizes and successfully comes out of bankruptcy, the labor groups that don't have tentative agreements with the company prior to bankruptcy will lose.

As in other union negotiations, the parties that reach savings targeted in the business plan will get a bankruptcy protection letter, which protects against even deeper salary and benefit cuts if the company enters
bankruptcy.

Some may face pay cuts

If the company files for bankruptcy, workers in labor groups without that bankruptcy protection letter may face deep cuts in pay and benefits, loss of unused sick and vacation time, slashed retirement benefits and a crash in
the value of common stock in 401(k) accounts. In addition, they'll work for a smaller airline that will hand out layoff notices at once with no severance pay, and will pay members of unprotected unions significantly less.

Each day the company moves nearer bankruptcy. New chief executive officer David Siegel has brought a breath of fresh air to management. US Airways' best chance to survive is for unions and creditors to bet on him and his
team. Employees wanting to keep their jobs must impress upon union rank-and-file employees the importance of ordering union leaders back to the bargaining table at once, to reach an agreement that is 85 percent of the
targeted concessions.

The choice is simple: Either all stakeholders move past their anger,frustration and denial to obtain and ratify restructuring agreements, or the carrier will almost certainly enter bankruptcy.

History has shown only two major airlines have successfully restructured in bankruptcy - not good odds for this company to continue operation.

XXXXXXX is a US Airways captain

And ALPA's Response:

MEC CODE-A-PHONE UPDATE

July 26, 2002

This is Roy Freundlich with US Airways an MEC update for Friday, July 26, with two new items:

Item 1. Today the Charlotte Observer published an anti-union editorial from one of our pilots, titled "Unions can Sink US Airways," that aggressively promotes management’s objectives on achieving concessions from other labor groups. The editorial goes so far as to suggest that the CWA union leadership, who represent customer service employees, is misleading their members on their negotiating activity, and implies that management’s side of a dispute is more accurate.

This editorial does not in any way represent ALPA’s position, understanding, or sentiment, on other unions and their sincere efforts to represent their members. ALPA has received no reports, nor would it assign any value to reports, that suggest that any union is misleading their membership. The pilot author of the editorial holds no union position in ALPA. The anti-union public statements from one of our pilot-ALPA members is regrettable.

We urge all pilots to contact their reps or the Comm Center for accurate updates on restructuring negotiations and the activity of other unions. We also request that all pilots refrain from promoting any management anti-union propaganda or chastise other employees in the media. There is little to be gained from such activity other than embarrassment for yourself, your fellow pilots, US Airways, and ALPA.

 

[abe]

If I had it my way, I would not merge the two companies. However, nobody asked me.

Now that's funny!

In regard to a potential Delta fragmentation, my point is Delta ALPA cannot stop it and it could be very, very ugly. Moreover, do you think the creditors are going to want to work with the Delta pilots if they're going to try to disrupt a pay out that they believe is greater than Delta's POR would provide? Why not go with a plan by companies like Goldman Sachs, PAR Aviation, or Evercore, which could create a Delta fragmentation and splitting the Atlanta-based airline up between a number of different companies?

Would this not erase what the creditors believe is a potential ALPA problem?

We know that JetBlue, AirTran, Southwest, and other airlines are interested in Delta assets. Do you believe they would rather take the assets with or without employees? Do you think these companies remotely care about the welfare of the Delta employees?

Abe, the Delta employee problem is that your company is in bankruptcy and management does not control the process. That's tough and it sucks for employees, but as we know at US Airways, there are no guarantee's in a "formal reorganization".

More unsubstantiated rumors and fear mongering...

Meanwhile, I do believe a merger between an on-going concern and a bankrupt company can obtain significant synergies because the bankruptcy code provides flexibility in lease and operating contract rejections.

But you don't want it to happen, right?

"You've been a great audience...don't forget to tip your waitress...I'll be back here next week....no, make that every hour for next several months to talk up this deal"---USA320Pilot.

In my opinion, the biggest issue going forward was articulated by William Warlick, an industry expert from Fitch Ratings, who was hired by the ATSB to audit all loan guarantee applications. “This (US Airways' merger proposal) is a pretty lucrative offer for unsecured debtors,â€￾ Warlick said. - The Philadelphia Inquirer, Nov. 16.

In addition, "We consider this [bid for Delta] a serious offer and a very substantial one, and one that we're assuming has a decent chance of actually happening." - Gary Kelly, Southwest Airlines Chief Executive, Wall Street Journal, Nov. 21.

Earth shattering stuff. Over 4 weeks ago, Warlick says the deal is "pretty lucrative".

And a statement from Luv CEO Kelly (written 3 weeks ago). BTW, I'll bet that he is absolutely giddy about this thing going through because he'll get a bunch of new gates and slots in the East and have someplace to put all those new jets that are on the way.

Same with the other carriers that you've mentioned in the past. They are all excited about this deal because their a/c orders are coming at a rapid pace...they need viable places to send those jets. You'll continue to see them support this deal publicly, in my opinion.

When your competitors are happy about a potential deal, that's probably not a good thing.

Abe, Delta is going to roll out their stand-alone plan, which will be compared to the US Airways plan by the creditors and the bankruptcy court. I have a hunch, no it's more than a hunch, that Boeing is going to be the key creditor and will side with US Airways?

I agree that Boeing is in the cat-bird seat. On one side they've got a multi-billion dollar aircraft order that's already been signed (with a longtime Boeing-only customer)...on the other they have Parker, who has a multi-billion dollar order for Airbus jets (but I'm sure he's promising big orders from Boeing in the future, though )

We'll have to see what happens, but this may turn out like a lot of the other "hunches" that I've read over the years on the US Airways board.

P.S. My fragmentation tip came from an ALPA International official. Will it happen? I do not know. Is it being discussed apparently in airline "executive suites" and with investment bankers? Apparently so...[/font]

Not this again...you seem to be off your game this week, USA320Pilot. Old news clips, rehashed arguments and the idea that if you keep saying it over and over, it will come true.

The decision by Boeing and the creditors could certainly go either way (although the huge aircraft order seems to give the early edge to Delta mgmt...we'll see).

The fragmentation story is the stuff of fiction. You haven't shown one shread of evidence to indicate otherwise.


Abe
I've said just about all I have to say on this deal. Time to sit back and watch this thing unfold in real life!

I'm going to zip the old pie hole shut and switch back to lurker mode for a while (...and the crowd goes wild )

 

[deltaflyboy]

Abe:

Abe, in my opinion, a fragmentation scenario would be not good for Delta’s employees, who are a great group of people. If the airline is carved up and part of the pilots go to America, Southwest, JetBlue, or AirTran what protections will you have?

One needs to look no further than to American and TWA to see how an ALPA - non-ALPA integration worked and how the TWA wmployees faired. With a break up of Delta, if that happens, what would happen to the Delta employees, many that do not have union protection?

Yes, the pilots are safe going from an ALPA carrier to another ALPA carrier because of the union contracts...but to use TWA as an example only proves the opposite of what you are saying about union representation...where are the majority of the unionized TWA employees now? stapled to the bottom of the AA seniority list and were the first to get layed off and will be last to be recalled (if they survive the furlough list long enuff)...It is safe to say that Delta non-pilot non-union employees will have the same fate as the TWA non-pilot union employees...
At this point I feel that if the takeover goes thru Dougie will keep the Delta non-pilot employees long enuff for the new union vote in hopes that our numbers will continue to vote to be union free and then he will have busted the majority of USAirways unions and then we are all doomed...

 

[USA320Pilot]

Abe:

I can create an argument why the proposed merger would be good for all employees and then I can change sides of the debate and create an argument why the merger would be bad for employees.

In regard to a potential fragmentation, I have said will it occur? Maybe, maybe not. However, it apparently is being discussed and regardless of what ALPA does, Delta is in bankruptcy, the airline is in play, multiple parties have said they are interested in Delta's assets, and the bankruptcy court with input from the creditor's will decide the Atlanta-based companies fate.

Will it be a stand-alone plan? Will it be merged business entity? Or will it be sold off in pieces? I do not know and I cannot predict the future.

I do not know, but, what I do know is that other companies have publicly said they are interested in Delta assets and a fragmentation is being discussed by the "money" people.

Again, my point is that the Delta ALPA MEC may in fact be the catalyst for the break up of your company.

Regards,

USA320Pilot

 

[BoeingBoy]

I do not know, but, what I do know is that other companies have publicly said they are interested in Delta assets and a fragmentation is being discussed by the "money" people.

Actually, what other companies have said is that they're interested in any US Airways/Delta assets that may be divested (required by regulators or not) if a DL/US merger happens.....

Southwest reportedly eyes Delta-US Air assets
"Low-cost carrier Southwest Airlines has told Delta Air Lines and US Airways Group it would buy any assets they sell if they merged, according to a report Monday."

AirTran interested in Delta/US Airways gates - WSJ
"U.S. airline AirTran Holdings Inc. Chairman and Chief Executive Joe Leonard said he is interested in acquiring airport gates sold by US Airways or Delta Air Lines if those carriers merge, the Wall Street Journal reported on its Web site on Friday."

JetBlue eyes assets spun off in Delta merger
"JetBlue Airways Corp. is interested in picking up landing slots and gates that might be spun off from a potential merger between US Airways Group Inc. and Delta Air Lines Inc., the discount carrier's chief executive said on Tuesday"

As you know, since you posted links to these or similiar stories, the potential asset purchases mentioned so far have been in the context of a US/DL merger, not instead of a US/DL merger. I would invite you to post a link to any comments by any other carrier expressing an interest in only DL assets if there is no merger. Lacking those comments, it seems a merger is more likely to result in DL's "fragmentation" and anything else at this point.

Jim

 

[Bear96]

Not this again...you seem to be off your game this week, USA320Pilot. Old news clips, rehashed arguments and the idea that if you keep saying it over and over, it will come true.

"This week"?

That's his game week in and week out . . . month after month . . . year after year.

Get used to him, DL people! You have my sympathies.