SWA thinks that F9 is worth $.12 and sees the peril of the "deal" and withdraws in a timely fashion, so RAH "wins" the auction for a little more than $.18 on the dollar.
For the folks needing a visual image: The F9 guys are floating in the ocean about to be drowned or eaten by hungry but small sharks. WN pulls up in a cruise ship and throws them a lifeline to pull F9 aboard. After grabbing hold of the line F9 demands to know what class of cabin they will get, once aboard the elegant ship. Totally taken aback, WN lets go of their end of the line, bidding F9 good luck in their plight.
WN sets a circular course for their intended destination, DEN, ensuring that they will likely run over who ever picks up F9 in the process.
All SWA has to do now, is keep doing what they do best, and just sit back and watch the train wreck in DEN. After the carnage, they may be able to buy the remains of F9's carcass for $.12 of "the 18 cent dollar" or roughly just over $0.02 on the orgional "dollar" value. Only real question is just how long it might take. Looks and smells like whipsawing, and SWA has the saw this time.
Best of luck to RAH, I pity the company that intentionally pits itself head-to-head against SWA.
Remember, "It's not personal, it's just bid-ness."
Sabre