OPINION: 1st Quarters Ends with No Major Liquidations

OK, I was wrong. Not one of the airlines on my death watch went out of business, merged or otherwise ceased to be in the first quarter. United Airlines, US Airways, Hawaiian and Aloha are all still alive...in some fashion. Heck even Independence Air is still in the game. I still maintain that it will happen but I severely underestimated the glacial speed at which airlines grind to a halt.

United and US Airways are still first on my list of airlines to give it up this year. I think United is sinking faster at this point...they are still pedaling hard to come up with enough cost savings to convince one of its potential financial backers to throw down $2.5 b-b-b-billion to facilitate their exit from bankruptcy. I just don't see any momentum. But make no mistake, US Airway's situation is still pretty grim.