Hawaiian's market cap is so low right now that you could buy them with their own cash and no financing required (including the change of control premium). Even for a walk-and-chew-bubble-gum challenged AAG, this would be a compelling opportunity. They could dramatically increase their Hawaii franchise marketshare even if they reduced some of Hawaiian's far east long haul (i.e. Japan, S Korea, China) while keeping Fiji, Australia and New Zealand, and re-purpose that widebody capacity to island to mainland domestic flying. This would also be a body blow to Southwest's Hawaii plans.

Single fleet or not (and the associated unit cost benefits), AAG simply can't grow fast enough to be relevant in a consolidating industry. This isn't about profit margins, this is about scale.

Cheers - Rob.