One other unknown is what the feds will ALLOW by way of merger. WN has a pretty huge market share. Would the antitrust guys even permit a merger or acquisition? Would someone have to give up some Hawaii flying to make it happen? Assuming it could happen at all? NK and F9 combining would up their domestic market share to market share to what..? Maybe 8%? AS and any of the Big Four would be well over that. Maybe 25-26%?
With this administration wanting to show its antitrust bonafides any merger with a larger carrier would sure be no slam-dunk.