They are doing the household equivalent of taking cash advances on credit cards, and using that money to make the minimum payments on older credit card cash advances they took out.

They restructured one debt repayment maturity to a future date but the bank required Spirit to raise their minimum liquid cash on hand that would trigger repayment at that time. So even though NK has a billion in cash, it’s really closer to $400m because they banks can require debt payback once they dip into the $500m mark.

Factor in known losses for the next two quarters…doesn’t take a rocket scientist to see what happens if this deal falls apart

Speaking of which, aren’t you supposed to be running for the hills as of last month?