What’s the typical trajectory of airline stocks? Even held for another 10 years and 800 planes in the combined company where will it be? This may actually be a good exit for most IMO.

Spirit and Frontier stocks were always kind of like investing in a start up even though the companies themselves have been around for ages. Grow enough and cause enough irritation to the competition until you get acquired and cash out. It could be argued for an investor that there may be another step to that plan a few years from now but it seems to me for SAVE conversion to ULCC plus cash there really isn’t much more meat on the bone in the future for stock price at least.