Bondholders know the ballpark value of a liquidiated Spirit. I assume the risk of another failed merge requires them to demand significantly more cash up front, and probably way more payment if any merger does fail. Bondholders are in the driver's seat. Not Franke, not Christie. Bondholders will get their money either way. They aren't a charity and they dont care whether a bunch of pilots and FAs have a job or not. They want their ROI.