Exactly. IPO announcement, then basically a hiring freeze for 6-12 months? After they offered early outs to the FAs?

I don't know about you, but if there was a prime NK/F9 merger opportunity...you are looking at it square in the eyes. The longer they put it off (growth overlap), the more it'll cost them in synergistic losses.

WN is gearing up to do redeyes, to try and stomp out the ULCC market share loss. Spirit's and Frontier's survival is dependant on a unified effort vs undercutting each other. Both companies know this very well. They are both stalling CBA negotiations, most likely to lengthen the process with a JCBA reboot in 18 months.

There's my speculation for the day.