Not to mention how Alaska's pilots would spin this in a merger.

I more expect us to buy Hawaiian. Controlling interest in the the airline could be acquired for less than the cost of a single new A330. JetBlue does not want to sell and the regulators who love Jet Blue in New York would have a conniption. Alaska's expensive and apparently management is happy with them being a fully at risk Delta Connection Carrier.

Ways Alaska is like ASA in 1999:
- Fully at risk Delta Connection carrier with no scope limits
- Operating jets in the range of 120 seats and smaller turboprops under a separate certificate
- Delta ran the airlines stock price up by transferring flying to it
- Delta can manipulate the stock price down by threatening to cancel codeshare with it