You may be on to something, but it will probably resemble the Mesaba BK. Holding companies can do some pretty interesting things in BK.

I used to think they were going to cleve off the CHQ certificate, but since the 190 flying has dried up I wouldn't be surprised if it was the Republic certificate.

Amazingly, Shuttle may be the last man standing after RAH completes their restructuring. The only reason for the duplicate certificates are the legacy scope restrictions and those restrictions are rapidly disappearing.