I still disagree for the most part. First of all, Leo had us on a direct course for BK practically the moment he arrived. His appointment of MB just confirmed that. His buy back was for no other reason than to pump up the stock price on a temporary basis in order to fill his parachute. As far as HE was concerned, it paid off nicely. There is a HUGE difference between him and Mr Anderson. Investment grade is the goal. When that happens, money becomes available at better interest rates which is really good for DAL. If you don't believe that, compare Alaska's balance sheets with Delta's. The biggest difference is interest payments. While it is true that paying out money to shareholders reduces cash to plow back into the enterprise, it is a calculated risk. At the LCP meeting, Mr Anderson talked about the amount of capital needed to sustain operations, and this doesn't affect that number. Like I said, I believe that institutional investors will start investing in DAL and that is a good thing that will eventually work it's way to us. (and please spare me the inevitable thuggery and chest beating) Yes we are labor, but IMO that is not what this discussion is about. I am talking about the direction of DAL the corporation. Carl chooses to live in the world of a ****ed off member of labor, and that is fine, but I choose to move on. I am excited about where this company is going.