You are right. I don't take much stock in actual cash on hand. Airlines have so many different means to slide money around there's no telling where that cash came from. Look at how United boosted their funds.

While I won't pretend to see what the future holds I do think it's interesting how in a couple years of airlines loosing billions those expect RAH to simply fail so quickly. Hopefully the company will see an increase in current aircraft usage on the fixed fee side to support the branded.