Originally Posted by chrisreedrules

The WOs will shrink. PSA may even shrink further depending on demand and outlook going into 2021.

All 3 legacies are barreling straight towards bankruptcy. The WOs are hopefully safe until that time but in bankruptcy we will likely be for sale just like everything else. Planes or hopefully planes and pilots.

I say that because a business can’t go into bankruptcy penniless. They need operating capital to see it through and cover expenses while they work on a restructuring plan. The thing about this that is unknown right now is obviously Covid-19 and our recovery. If they go into bankruptcy and it doesn’t look like there will be a meaningful path to recovery and profitability on the backside of bankruptcy they won’t likely be able to secure further financing. And they’ll need to maximize capital to make it as far as they can in bankruptcy until we do see that recovery.

Uncharted territory boys and girls. For all of the legacies. No one knows quite how this is going to play out but the industry will again, be forever changed.