What you failed to mention was that it was a pre-packaged Ch.11. Additionally, the pilots contract was NOT TOUCHED...no concessions. In fact, the new management group not only re-instituted profit sharing (that has now gone from 11% post Ch.11 to 12.5% of the pilots individual gross pay last year). They also provided stock options with a strike price of around $17.50.

The new management team is not airline retreads, but people from the conatinerized rail and ship cargo industry who understand the business and have done a really good job of diversifying the business model. Which explains why they didn't go in the tank in this recession and are making money...and buying new planes, used planes and expanding.

The model looks pretty good...smart decisions and an unwillingness to follow the standard industry norms that have hurt so many.

Not bad.