Valuation is a game I would not dare get into at this point for there is always a banker who will sell you anything, including their mother or the moon, at whatever price sounds nice.
I definitely appreciate everyone's input above and especially Shareholder's insight about the potential risks for loyalty program consumers. The last thing I want to see is reduced elite benefits because of the distancing factor; otherwise, we will be nothing more than our fare and a partial rebate of transactional fees in a less than fully liquid currency.