really sideshow, picked over by vultures. still acquiring airframes, not ceding much, if any, market share. An ultra-conservative company doing what ultra-conservative companies do, stay low and hoard cash until they are convinced that a recovery has taken hold...usually 2-3 years after everyone else got the memo. I'm fairly confident, and I'm almost as paranoid as you, that when the time comes and UPS feels like growing the company, they will. Doubtful that the BOD will let Davis singlehandedly sink the company..