Oh and this joint update. It indeed comes down to risk assessment.

Negotiator updates gave us the opinion of the NMB, the opinion of professional negotiators, a synopsis of the current environment with SWA, UPS, Fedex going no where, and most importantly, also gave the history of the current management negotiation trends. Never have they been outdone. Look at how their reaction to Alaska. Boeing with the widebodies. SWA at Love. They fought to keep the SEA-HND route so they can give it up on their own terms.

Meanwhile this joint update just lists the issues the company wishes to address and lists that as the main leverage of the pilots. Very weak argument.

Also this statement "The initial 8% hourly pay increase in the TA is significantly offset by the JV production balance, sick leave, and productivity concessions." is absolutely false. Talk about spin.