Now Waves, to be fair.

What the ratio does do is say if we grow after we hit 1.56, then DCI can only grow their MBH as much as 450 jets would allow and in keeping with the 1.56 ratio. If we grow enough then we rise off the 61% floor and go higher.

The roadshow promotes the business plan that has growth and a resulting 64% share. That's great, a win for us. But two problems, first we don't hit the 1.56 ratio before TA 2015, where tweaking of the ratios and caps could easily commence since scope is negotiable. Second, growth is not required per the TA. We can all hope the business plan in the roadshow happens, but it doesn't have to.

As to 777s, until we see more than 16 ordered, all I see is a 744 replacement and a gnashing of teeth in the marketing department. Our literal poster child would be gone. But seriously, if they offered 16 773s for 100 CR9s, the end result will be no additional hiring except at DCI. Pull that in TA 2015 and it's TA 2012 all over again.