The current net debt target is $4B revised down from $6B. The revision was necessary because we paid it down so quickly. The $4B number seems adequate for a $40B revenue company, less and you could become a target. That debt is likely going to be short term low interest debt and capital obligation on airplanes.

The investor grade rating will allow them to finance acquisitions because they are buying more equity stakes. They intend to continue the "growth strategy " with at least 1 more airline this year. (Jet?)

Stock option are an even more taboo compensation model than profit sharing. The industrial compensation model is what Parker at AA has done. Pay your labor for the work they do. Reward the management with stock like the owners, to align their interests. As the size of the company grows our percentage of that profit, 20%, is a huge reward. The reward is not something they can allow at their other carriers. We are becoming less of the dominant employee group and need to be marginalized.

Eventually the $2.5B trigger point will be low enough relative to the total profit that we will essentially be paid nearly 20% of the profit and we are paid first. The share holders are paid in dividends and stock price appreciation. This is also a great inflation hedge on pay. As prices inflate profits will too. We need to retain profit sharing at the current levels to be relevant in the future.

Our current contract has more future value than anyone at ALPA has so far communicated.