My speculation based on previous experience at the recurrent lunches:


Mgmt: What questions do you have for me?

Pilot: Are we merging with Alaska?

Mgmt: Look, you know, I'll find out when I see it in the news, the same time you guys do. But, I mean, it would make sense. We are relatively cheap right now and combined, we could be a strong competitor.

Pilot: If it did happen, when would it happen?

Mgmt: I really couldn't say, it's just speculation.

Pilot: But, could it happen soon? Like next year?

Mgmt: In theory, I guess they could call any time.


And someone jots down the notes and spreads the "news."