Originally Posted by FriendlyPilot

Yes. And when they realized it was going to be a bad deal, they tanked it and then paid a bunch of merger cancellation fees.

The house analogy is like those $1 houses in Detroit in 2008. They were homes with $20k market values, but had $40k in liens attached to them. So there weren't really $1 houses.

Spirit has a bunch of debt and no way to repay it. They aren't worth buying. Nobody will buy them outright. Even for $1 because its not $1 its $3B...for what exactly? Their market cap is $115M for a reason.