I think AA is one mild economic slowdown or non transitory spate of inflation away from Chapter 11 and furloughs. The regionals are breaking up and the three wholly owned contributed nearly 25% of the AAL revenue. The idea that they will be able to go deeper into debt to buy new NBs to take over that regional flying, hire pilots into mainline to staff them, while paying down their existing debt seems wildly optimistic. I don’t wish hard times on anyone, but I’d much rather be facing NK managements challenges which are at least within their span of control than those of AA. It’s not going to take a black swan event to get AA in trouble. Even a swan that’s just got a little gray around the down could do it.