Yes, no doubt who the surviving company would be, but if done right it could save the good parts of HA (mostly the front-line folks) and lose some of the more irritating bits. And yes, I have to think that Wall Street has some doubts about HA's Hawaii-only, "we're a tourism company not a transportation company" business model after the last year, even with leisure travel coming back faster than business and making their recovery look stronger in the near term. Not sure what AS would do with the long-haul routes, but the JAL partnership ought to be worth some effort to build on.