Well, you can't just use F9 as one example for the whole industry, you'd have to consider everybody.. but using them as a great example..

If F9 wanted, let's say, Newark gates and landing slots, and United wants them too, would F9 win such a bid? If they wanted to part in the Airbuses that we own, and say DL wanted them too, would they win that bid? If they just wanted to take over our leased planes at renegotiated rates, and the lessors can also sell to carriers in Europe, Africa, Asia.. would F9 win that bid? No.. and even just assets like pilots.. say they somehow bought every Spirit plane and wanted to "new hire" every Spirit pilot.. when AA, DL, UA, AK, and WN fight for the best pilots.. does F9 even get pilots they want if they got the planes? No..

So if the plan is to "takeover" Spirits flying or grow organically, where does that come from if they win no bids for Spirits assets? Get outbid by someone for everything?

So again, don't consider this from the view of one boardroom.. only one person can win each asset.. given the number of US airlines that may bid for, certainly our high value assets, all I've said is it creates incentive to merge instead of losing every bid for every asset.. and consider more than just one airline would have to be thinking about that right now..