I have said this in multiple places as this was my life for 5 years before coming to Envoy, but AA has more ASM overlap with the ULCC airlines than either DL or UA combined. When AA was not matching ULCC pricing, AA was losing considerable market share at the expense of revenue...even though we were taking yields that where in parity with DL+UA.

Now the issue is we have gone too much the other way...and it seems that now our high yielding passengers are no longer willing to give us the higher yields that they are on DL+UA. That being said, with our stock at ~35/share - Wall Street is asking questions and will demand change...otherwise they will force change.

I still have every confidence in AA, and look forward to working there in the future.

I am not going to comment on the debt as I never worked in treasury or capital planning...but you don't buy 500+ aircraft and expect to be debt free.