Your cash reserve theory only works for so long. It is like a battery. The more full it is...the longer you can go without an engine....but eventually all the charge will be spent.

No...the model is what will overcome high oil prices. If you have sound maintenance...the engine (or alternator) should not fail...and you will not have to use the battery.

Spirit management regretted their decision to give back 7 aircraft in '08. Why? Lean Management. You minimize your negatives...and maximize your positives. When oil goes up, the ULCC (and for the record...I do not like ULCC) model provides a value for a customer.

Just like in your Walmart example....when people cannot afford a more expensive store, they go to Walmart to save money. True...the choices are fewer, but you have the goods at a cheper price.

The key to the ULCC is volume. At 28 aircraft, we could not offer the volume. In order for Spirit to be successful long term, they need aircraft. We are in a dangerous position right now. To be a successful ULCC...we need aircraft. To get aircraft....we need money....to get money....we need a good economy, decent oils prices, etc.

The risks are high....and we are definetely on the bubble....that is the reason for the IPO.