I'm not making bad investment arguments to justify it, to hide my real concerns.

But I'm a lot less afraid of F9+NK than you think... The real reason F9+NK want to merge is because there are only so many routes that support daily ULCC service, and NK and F9 have already saturated most of them. That's why there is significantly more F9 overlap with NK vs JB and NK. The two ULCCs are already cannibalizing each other's routes that support daily ULCC service. That's also why ULCC frequency is so low on most routes. That's part of the reason Spirit had to put out financial performance projections using zero labor cost for the next five YEARS to make the merger look attractive.

So go ahead and merge... After the way Spirit management and board have conducted themselves, I'd rather not see them win, but also don't give that many Fs about it.