Stayontarget - thank you for your thoughtful and cogent response. I agree with with your assessment in toto however, I do have concerns surrounding F9's tax strategy in the long-term. While I am not privy to inside information defined by the SEC, I am only able to assess based on publicly available information. That being said, in my humble opinion, F9 could be painting themselves in a corner by focusing on near-term profits rather than long-term strategy. Lot's of bravado from BB and the gang with little or no measurable financial or market gain. The "cost-cutting to achieve profitability" method comes at a very high price and high risk - especially when applied to Part 121 air carriers. Historically, airlines that have failed, or suffred bankruptcy first cut costs in pilot training. Looking at PAA, EAL, CAL, and BNF, even UAL in 2002, all of whom first cut costs in training while facing financial stress. I can't help but strongly suspect F9's training dept is being pressured by BL to significantly reduce the training footprint for already inexperienced new hires in an effort to perceivably reduce expenses. History has the propensity to repeat itself. Is F9 setting themselves up for a perfect storm?