I don't think Hunter is right this time. One of the lessons learned through the last round of bankruptcies is that the those who can stay out of bankruptcy are also huge beneficiaries in other ways. Southwest and Jetblue were able to grow leaps and bounds almost unimpeded for about five years. Then it became tough again as the new lean and mean legacies went on the hunt but that five years was huge for them.
So if AAL goes chapter 11, Do Delta and United want to shrink also in bankruptcy, albeit short term, or do they want to take advantage of AAL's weakness while they reorganize?