That was the running theory of the individual I replied to, seemingly, but I was making a point that there's another side to that coin..

Let us say the standalone plan is totally dissolved (a given hypothetical here), the default date without a merger announcement is Dec 13th.. so where do we stand in that case? Well, as I understand it, I'm sure a bankruptcy expert would correct me if I'm wrong, but right now we're in the window where Spirit can announce a merger on their own terms, and the current board of directors can redeem some pennies of value from the operation.

Next step, as I understand it is we go into default by Dec 13th for not meeting funding terms, that would grant Debtors in Possession ownership of the airline. Banks don't run an airline. So they'll go into 363 sale process. At that point, the judge would accept bids from anybody who wants to buy the airline whole. If there's nobody to bid, or if all bids come in under the value of "parting out" the airline, then the debtors would choose to break up and liquidate Spirit in the traditional sense of dissolving the airline..

So when the original post said the vultures are circling to buy us in a debt-free part out sale, I was pointing out that only one airline could win the assets every airline wants in each part out. So if you have your eyes on assets Spirit has, and you realize that you'll be second bidder for every part you want, you have incentive to step in and buy the whole thing. Even if it's a "hold your nose" kind of bid, you have to get in front of the airlines that will outbid you for the assets you want..

So I was suggesting there is incentive for somebody to merge on Spirits terms (if the price was right).. or buy the whole in a 363 sale, but even then, the gamble is a bigger competitor out buying you.. regulators would, I'd think, lose a lot of leverage to block a wholesale 363 auction.