Thanks. I now see that report, issued after market close today. The Dallas paper has a story on it:

http://www.dallasnews.com/sharedcont...t.399369b.html

WN's new strategy is quite cryptic, and this looks like a typical Friday night dump of bad news (although in this case done right before x-mas). Did they sell their hedges at a huge loss? It would seem so, because (according to the Dallas story) their cash positon went down somethink like $4 billion in the past 6 months! Indeed, it's a good thing they brought in some new cash by the sale-leaseback of those aircraft. It is definitely possible to go broke trading commodities, and this seems to be exactly what WN feared.

On a positive note, at least the damage has been done and WN will currently "only" have to overpay on fuel by about 15% for next year.