Why bother with the F9 labor at all?
This is ice cold, so I apologize if I'm about to offend anyone. But...
UAL buys F9 outright. It's owned by Indigo Partners so no public stock to mess with. Just a hypothetical cash/UAL stock purchase. UAL buys all their 58 planes/leases (does F9 own or lease?), gates, simulators, deice equipment, baggage carts. All of it.
But none of the labor.
Offer the current F9 pilots to reinterview for their previous job. Offer them a guaranteed interview, and once hired, offer say, half of the old seniority in pay rates (12 years at F9=6 yr pay at UAL) but only new hire seniority. They're already typed and current so potentially limited UAL training events. That ensures the best of the F9 pilots (say 300 or so 'new hires') to use the new acquired planes but without having to absorb the bottom of their talent pool as if it was a merger.
UAL uses F9s current 34 319-100s to take back UAX flying. ALPA's happy because scope creep is reduced, UAL pilots are cool because flying expands with mainline planes and no seniority list integration hassles, Indigo makes out by getting paid without the hassle of the IPO, current F9 pilots aren't paid from a potential IPO they negotiated for with the sale from Republic, DEN expands to prevent or reduce any potential 320 fleet displacements as they use the other 22 320-200s F9 has to expand the fleet.
I'm sure I'm missing a lot here. There would of course have to be a vacancy bid for the new planes and I think the UAL contract wouldn't allow new hires to only be 320 pilots but if the entire new hire training class (which just happened to be all former F9 pilots) were to only offer 320s..... And of course, this completely destroys the brothers and sisters at F9 but when has destroying pilot's lives ever been the concern of hedge funds?
All speculation of course, but......