That is precisely correct. Although if/when the 3 carriers start to fall apart because there are no more pilots available to hire, you will see precisely that. In summation, it serves AA best interests right now to keep them separate exactly as you have identified. But there will come a time when that is no longer in their best interests. But even then, that action can't stop what's about to happen to all regional airlines. As some have said already, its a mathematical certainty.