GAME ON?

There will be many iterations of the game called "Prisoners Dilemma" played.

At the time the industry was emerging from the Great Recession, balance sheets were weak as oil had wreaked havoc. Southwest's hedge book was no longer. Between 2010 - 2014, AA, DL, WN and UA were judicious in deploying capacity. Higher unit revenues resulted.

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Maia Hariton
THE "HASSLE FACTOR" WILL RETURN

For the last 7 weeks, thinking everyone has been thinking. Reading LinkedIn, smart minds are thinking about how to counsel their clients on what the hell this industry might look like on the other side.

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Maia Hariton
4 WORDS

Thinking there are four words critical to the airline industry's recovery: Customers; Employees; Cash; and Cost. In reality, the order is: Cash; Customers; Employees; and Cost. We all know from past distressed periods, cash is king.

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Maia Hariton
URGENT

With the President’s signature, Congress enacted a law intended to support airline payrolls through the end of summer. Now it seems that some of that support could be diminished thanks to the broad discretion of the Treasury Department. The industry whose business and workforce have been among the most hurt by COVID-19 will be among the first to lead us out.

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Maia Hariton
JUST THINKING

Mitch McConnell says he favors allowing states to file for bankruptcy. One thing that states and localities face similar to the US airline industry in the aftermath of 9/11 are obligations to employees covered by Defined Benefit Plans.

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Maia Hariton
NEW ACRONYMS

The first reference to TSA numbers on the rise today was from Ted Reed at Forbes. His title: Has U.S. Airline Traffic Started To Rebound? Of course, A4A Chief Economist #JohnHeimlich, commented correctly and succinctly: "It has not. Still down 94-96% and will fluctuate for awhile. As I have always said, a few days or weeks does not a trend make".

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Maia Hariton