I'd have to look that up but my point was the state of the two airlines before the acquisition. Of course the debt/equity ratio is going to be high for AAG since it paid $4 billion for an unprofitable airline, 6 Airbuses and a few gates. It wasn't an acquisition for growth but rather a forced hand to keep competition out. Hindsight is always 20/20 but it would have been better had a private holding group acquired VX and piecemeal it out. Fortune....lottery....yeah, you know what I mean.