I can’t see it happening unless JB comes close to BK. SW isn’t going to pay $10 for something that only adds $5 of value to their company. AirTran was cheap because they were having financial problems. JB is nowhere near that situation.

The JBLU board of directors doesn’t want to sell the company, and if they did it would take a giant premium to our current ~$5bil valuation to get them to change their mind. I agree our JFK/BOS presence is valuable, but the BOD has visions of grandeur far higher than that.

Now let’s talk a few years in the future if the economy softens, JB bungles the TATL expansion and costs soar through the roof. If JB is on the brink of bankruptcy then I think you’ll see the vultures come circling (and it won’t be just SW).