Actually, only part of the deal was funded with AirTran stock. Much of the funding was to come from two sources-the cash Midwest had on hand ($100 + million) and external financing. The latter is what gave the Midwest Board of Directors such concern. AirTran had a clause in the offer allowing them to walk away from the deal if they couldn't arrange financing at an attractive interest rate. Given the melt down in the credit markets last fall, AirTran would have had difficulty in closing the deal. I'm not saying it would have been impossible for them to get financing, but that was one of the primary reasons given by the Board of Directors last August when they opted for the all cash deal from TPG/Northwest.

The Board of Directors made the right decision at that time. It continues to be the correct decision, despite everything that has happened since. If people look at the cold hard facts instead of thinking with emotions, they'll come to the same conclusion as well. I'm sure AirTran is relieved that they didn't acquire Midwest after all.

As for AirTran's "plan" for Milwaukee, they would have been cutting service left and right in the present environment. If you recall, 40% of the flights were to be on the CRJ or FRJ. The CRJ can work for Midwest because of the higher fares and traffic mix they receive. They would have never worked under the AirTran/LLC model. Milwaukee may have had some flights to the West Coast still intact but significant cuts would have still been made.