For me NK is less about the money and more about the fact they did less poorly than their competitors when it came to hemorrhaging money. What would the industry have looked like if there were not three bailouts? Furloughs or even BKs would abound.

For NB, legacies DO pay more...but what happens if a contract gets torn up? What about spending a year on furlough?

NK could furlough or BK too, of course, but I'm betting by the time their house is on fire the neighbors' will already be ash heaps.

Delta is saying they expect to return to profitability around March, which is good news, but NK was in the green since September. I am curious to see what their 4Q earnings are like.