Ahh young grasshopper this is true, but Mr. Freund already laid out this very same argument in detail both in his opening presentation and in the opening brief. Does the fact that the mega-carrier theory is now history and the stand alone carrier business plan failed worry you.

If I were a CAL pilot it would definitely worry me. Especially if you're a Captain and were hired say 2005 timeline. You COULD be a bottom reserve pilot for a VERY long time, but then maybe not. Maybe the panel will agree that the age of your fleet, your higher W2s, and your decade of out performing legacy carriers that were busy shedding debt and pensions to prepare for the future better will win the day. Maybe. Who knows right?