John Ostrower

There was a big recall, which is affecting a lot of airlines around the world.

Hit Spirit probably disproportionately because of how they bet on this technology.

So...

Their plan was, okay, we're going to come out of bankruptcy, we're going to shut off airplane leases, we're going to really scale down our fleet to about 75, 80 airplanes, and we're going to really refocus how we're going to grow here.

But here's the problem.

The fleet that they chose was the older generation because it was more reliable.

But that older generation also burns 15% more fuel per seat.

Well...

When fuel prices spike and the war in Iran starts, the Strait of Hormuz is closed.

We are looking at a situation where they were doubly disadvantaged based on a plan that assumed effectively what is now considered to be cheap fuel.

That wasn't the case anymore.

This is unprofitable at any size given where their ability to absorb the fuel cost was.

You can't do it.

Everything you're saying here about the economic circumstances and the headwinds makes complete sense.

Like, this is not an unfamiliar story that you're telling.

And yet, President Trump floated this idea of a rescue deal.

$500 million, the government would get a 90% stake in Spirit.

Why?

Why bother doing that?

Well, look...