Originally Posted by FriendlyPilot

I think the rant was because of the re-registration of the planes into Spirit's name on May 3rd. If they had been sold, they would not still be registered to Spirit. There are a few other reasons they could have re-registered them, for example if the planes had liens against them they could have just cleared them as part of the restructuring or for some tax benefit. Except that until Spirit has a profit there is not going to be any loss carryforwards to benefit from. They could have also re-capitalized them to start a new accelerated depreciation schedule, also not a benefit without a future profit. These last two reasons point to Spirit keeping them.

We know that in the extension Spirit said they were changing their accounting methods because of the new ownership structure, so it could be in conjunction with that as well, since the bondholders don't need a lien on the planes since they literally own them through their stock (which they have been actively selling).

Bottom line is that we will know in a few days when the 10Q is filed.