Having not been privy to any subsequent RA or AC communications.
I think I can unequivocally say they are BOTH on the Pilot's sides.
IMO-in many ways TonyC would be the best choice. Because, in case you've missed it, TonyC has said he doesn't deal in absolutes. An absolute NO to any VB LOA is not TonyC's position.
Instead, he's been arguing we need more information to make an informed decision. And, a TonyC on the other side of the proprietary curtain might make a different decision than an Absolutist TonyC on this side.
PM has said the VB, as proposed, would be the minimum acceptable. Different hurdle rate, different cap rates, different floor rate all result in different numbers.
Personally, I think Mgt is retaining this issue for TA202X and I've urged my Block Reps to abandon the effort to achieve an LOA. Have to remember, the basic outline went across the table in 2017.
IMO-anything the Company wants...happens quickly. The fact that there's been pretty much no updated information\discussion on this, is indicative to me that Mgt Doesn't want to make a deal.