Originally Posted by Noisecanceller

I just don’t understand what there is to fleece? The business only has value as a packaged airline. Aside from the the operating cert, the HQ, a few LGA slots, and about 50 airplanes, everything else is leased.

Those things stated above that are not leased are highly leveraged with little equity compared to the skin the bondholders have in the game.

Now, as a packaged airline you get about 200+ airplanes at much reduced lease rates from what you could get those some planes on the open market for. Many of which will be paid for by P&W allowing some relief for conversion period for an acquiring airline. You also get a large order book as well as a new plug and play training center and offices without having to take the time to build or expand your own. All comes with a substantially reduced debt load along with not having to pay common stock holders a premium for their shares.