Demand is softening already. We don't "automatically" get NK customers - especially the ones in their rewards/flight miles programs. Remember, they at least had wifi and big front seats. I'll believe our "first class" when I see it.

And of those customers that do still try and go the cheap route, I don't know how many would be likely to pay to join another rewards/credit card program from us for fear we go Tango Uniform as well. We're not really making that much money now so the Big 4 can afford to scale down their prices in the few markets we serve (they wont have to do the same for NK since they'll be gone). Overall, we may get a few but probably not enough to make us much more profitable.

ULCC as currently implemented is dying regardless of who's doing it.