How about this then……. While an acquisition of assets under the limit wouldn’t trigger a merger under Federal law, a fragmentation policy would still play a significant role. It’s true that a merger of a certain size wouldn’t trigger a merger under federal law, and that a fragmentation clause between the pilots of another airline and their employer isn’t binding on UA in a potential deal. It is also true that the fragmentation clause would prevent the airline trying to sell assets from entering any agreement that doesn’t require pilots to go with the deal, therefore making it relevant. Fragmentation clauses can be a double edged sword. They can potentially protect jobs, but they can also repel potential buyers by adding to the complexity and cost of a potential deal. My guess is that in the case of JB, it’s just added cost making even a limited acquisition unlikely.