Well, three factors would answer this question -

1. Hysteria - The "when" and "what if" conversations will push business away

2. Liquidity - This being the principle reason for the CH.11 filing.

3. Investor Senitment - If the big bucks get skitsh, see points 1 & 2

Frontier is easily one of the healthier carriers in the industry and the CH. 11 filing is utilized as an instrument to remain healthy.

Just imagine your bank saying "Joe, I am sorry; but, starting April 15 we are going to hold 50% of your paycheck." Not quite an apples to apples view; but, offers a bit of perspective.

Essentially, First Data was forcing F9 to fly as a scheduled charter carrier would, using the holdback as a defacto escrow. If First Data feels this to be a business interest decision, they should apply the concept to all carriers which they service.

Outside of the fact that F9 is not designed to accommodate this accounting principle, it is a crippling disadvantage when toe to toe against WN and UA.