I think everyone is missing the political side of this. I'm not saying the the current administration has a plan - because they clearly don't have any plan - but if by the middle of the summer a recovery of some sort hasn't happened, there will likely be another stimulus plan, loans, or something. If we're in serious situation, so will American, United, Southwest and all the other airlines.

I don't think having 4 airlines is critical to the United States, but having 2-3 airlines is. Maybe a few mergers will happen down the road, who knows.

The reason to go into bankruptcy is to shed debt and get out of costly agreements - debt that is overwhelming and preventing profits. We clearly don't have a cost problem, it's a revenue problem. No amount of cutting (other than getting rid of 95% of out fleet and employees) will solve our current problem.

After the recovery, if we screw it up, or we have too many expensive airplanes that we can't get rid of, that aren't earning money, then maybe a BK will solve that. But I see a BK as the last ditch effort, after all the political will has died. I think the President likes having all the airlines around and recognizes it's not the airlines's fault we have no revenue.