The integration costs alone would be staggering. “Cashless” is comical. There’s a difference between m&a purchase consideration and the cash flow needs of running the operation. Also the claim that the cost of capital would be low is flat out incorrect - united and many other carriers are looking at very real cash issues. Find me a lender that is going to walk into that buzzsaw and only get a 49% stake versus a government that won’t ever let a creditor seize the asset.