Consolidation has gotten so far in this industry, it seems it is as much about retaining and increasing ones passenger base as it is about which hub is better. An AA/US merger doesn't may not give AA a bunch of exciting hubs or intl routes, but it most certainly is a big boost to their passenger base in a time where DL, UA, and WN are setup better in that regard domestically and it removes a chunk of revenue from UA and Star. There is value in that,despite Horton's comments. Management comments, particularly early in the process are more often about them retaining control than they are about what could be best for the company. When DL management similarily rebuffed Parker, they didnt actually have a plan something that is largely forgotten because they successfully scrambled one together that was in fact much better for them. Contrast that with say ACA management who got themselves into a pinch with UA as a result of their own previous decisions. UA basically was willing to keep the flying as long as management was changed which was essentially represented by the Mesa bid after others like SkyWest declined to get involved. Mgmt successfully co-opted employees and others to reject the Mesa bid in favor of becoming Independence an outcome that is probably just fine by most pilots but certainly wasn't in e best interest of ACA as going concern. Short version: just because Horton says it's a bad idea early in the process, doesn't mean it has anything to do with what's best for AA. Keep your eyes open AA people and be careful who dance with on any given day.