What is “wrong” with the ULCC Model is that the Big Three have adapted to it. They are using price insensitive first and business class revenue to in essence subsidize the economy travelers in back, while using their frequency from hub to hub to provide more convenient service with more reliable backup. They are holding on to the most lucrative per seat-mile flying while also draining the pool of potential ULCC and even LCC customers.

The judge that killed the B6 - NK merger was (I will say this politely) both naive and misinformed.