I'm certainly not a bankruptcy expert, but the company is currently in the throes of Chapter 11, which is largely a protective mechanism to preserve assets. Chapter 7 is the whole ballgame, and my guess is such an event would either be concurrent with, or right after a total shutdown, so it really isn't part of an orderly chain of events if things are stabilizing. If the company cannot find equilibrium by balancing cash burn with cash in the door, there isn't much future. That's what is disturbing about the speed with which they keep coming back for more, after just extracting significant concessions from various groups (employees, lessors, vendors, etc.). Often, in these circumstances, there are private negotiations, being conducted out of view, relative to a sale, merger, or some other kind of relief. That usually comes out later, in the aftermath of some big event. I personally look for anecdotal evidence. Things like the need to reset the cutbacks all the time, which suggests they can't keep up with the deterioration of the core business. Then you see an experienced smart guy like Bonderman, who could have easily outbid the Alabama guys, walk away from a chance to effectively take over the company for less than the cost of a couple of widebodies. That suggests he saw business problems that were bigger than had been presented, or he lost confidence in the management group (or both). Lastly, it's very quiet. Not much happening beyond asking for givebacks. Things are what they are. We'll see soon enough.