“Does Franke want to buy Spirit? Will Spirit buy Frontier after an IPO? Will Franke sell Frontier prior to IPO? I would say “nope” on all 3. Plus where does Spirit get the cash to buy Frontier after the year long diluting of our stock and the debt brought on with the pandemic and funding growth.”

This is the key point. With all other considerations set aside the stumbling block will always be Indigo. They’ll either want too much for Frontier or not be willing to pay enough for Spirit.