And let us not forget that management types are not about to go without "theirs". After 9/11 stock options were for $#@# and that is where the futures were for those people. When the stocks went south, they were not about to accept a model where they would not get paid off big. They had to "work" real hard to manipulate;

Government Approprations
Congressional Hearings
Labor Leaders
State and Local Legislators
Board of Directors
Shareholders
Potential Investors / Investors
and.......employees. (I'm sure this is just the "A" list)

What is absolutely amazing to me is that there has been ZERO upside to investing in any airline over the last 5 years (The multi-uniform shops were a good concept pre-bancruptcy but I don't see a future for many of them post bancruptcy for those that haven't gone through it yet), however here comes all of these financing / investment solutions in the tens of millions for nearly every airline. Frontier, Mesa, USAir when they went through their second bancruptcy. Just mind boggling.

I agree with all opinions above. I think the idea of having a licensed management staff with a TRUE oversight comittee is BRILLIANT.