I don't think its that linear. AMR is a financial wreck. They are only in our peer set because of their size, but their financials make them as much of a "different animal" as Frontier.

SWA is our closest comparison for narrowbody flying and up proportionately from there. We are making billions while paying down billions in debt. AMR is losing their shirt every single day.

If the APA caves that still won't save AMR. And an AMR in retreat mode that guts its operation by shredding narrowbody scope only means on the flying they now outsource, we are competing with JB and AS, which we are already competing with and both are growing regardless. BFD.

SWA+ in all areas with very significant scope recapture including and especially the AS code share abuse. No matter what the APA does, this does not change our position. If no airline can ever strike, then no airline management would ever offer more than 10 bucks an hour with no bennefits. Even though the process is unfair and the road is long, we still have the nuclear option of a strike, plus the ability to turn this into a USAir with our next merger ambitions. We still have leverage. The key is making a reasonable presentation:

Profitable low cost carrier parity with reasonable premiums up from there to account for our significantly higher per pilot revenue and significant scope recapture in all areas while still providing plenty of flexibility within DCI, AS and AF/KLM and other JV's and an overall cost structure VERY competitive with our biggest domestic competitor and our biggest JV partner.

And COLA is not a raise. Any year less than 5-6% is a pay cut, more in the future as global money printing causes even higher inflation.