History suggests that juniors should bail before they get furloughed or stuck with low QOL for a long time. It suggests seniors should probably hang tight. If you're in the middle, don't know what to tell you.

While I think a lot of the history is applicable, I don't think liquidation is quite as likely as it has been in the past. There are fewer airlines today, and they are larger than in the past so loss of even one (aside from sunny) would impact the consumers. In this case it would have a disproportionate impact on politically-protected consumers, at least until Jan.

Who knows, .gov might even approve an emergency merger, just to keep the metal in the sky.