You are correct that profit sharing was negotiated by FAPA, not FAPA Invest (FI), as a return for concessions, along with what became the phantom equity agreement. At that time FAPA was the bargaining agent for F9 pilots and we were owned by Republic. FI (the entity) had nothing to do with the origination of either the profit sharing or the phantom equity. Due to some lawsuits slung by the IBT and other issues, FI was created as a third party investment group with a mandate to manage the Profit Sharing and PI outside of the DOL and NMB. Once it became an agreement outside of the CBA, the IBT could no longer pirate it. FAPA was no longer the bargaining agent at this point. Profit sharing was not negotiated away by FAPA, it was a condition of the purchase of F9 imposed by Indigo. The Indigo folks literally showed FI the Profit Sharing math, explained it was a plan negotiated with Republic and not Indigo, and they wouldn't follow through with the purchase with it in place (the math was VERY favorable for the pilot group, hence Indigo wanted it gone). Separating from Republic was a priority at the time (IMSL and many, many other reasons) so the Profit Sharing was erased while the Phantom Equity remained with conditions (all of which were met to the tune of $139 million paid out to about 600ish participating pilots).

With all of that said, I believe wasting negotiating capital on Profit Sharing language is misguided. If I get motivated to explain with math I will some day, but suffice it to say profit sharing with the Indigo model of an airline balance sheet will disappoint. Frankly, I am surprised they haven't offered it themselves as a distraction from actual hourly rates knowing it will never pay.