Originally Posted by rballan

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.