A bit concerning. Take some azzhole like carl Icahn, who bled a ton of cash out of TWA. He could go in and buy controlling interest in the company and then leverage everything to the hilt, pumping up the cash balance. Then he would turn around and do a 'special dividend' which would cover his initial buy in. Or a myriad of other strategies to bleed an airline dry.

It's not a concern at the moment because no one's going to loan him a bunch of money on airline assets. But if the industry starts recovering, it will be something to be concerned about. And this applies to all airlines, both big and small. Smaller is easier, but big is also possible.

But this is not the 5 meter target; we have other things to worry about in this industry right now.