Last week I discussed the dilemma facing Independence Air, suggesting that a business model predicated on both regional jets and low fares was unlikely to survive.
Independence Air filed for bankruptcy today. There’s been much speculation about when this would happen, so my writing on the subject was hardly prescient.
The airline plans to hold a court-supervised auction, hoping that a buyer can be found during the next 60 days. They have $24 million in unrestricted cash which they believe will be sufficient to fund operations during this time.
I don’t have a prediction on whether or not the airline will find a buyer. Prudence would suggest not, but the old joke about how to become a millionaire quickly comes to mind…
Start out with a billion dollars and invest in an airline.
There seems to be endless streams of capital which flow towards ill-fated airline operations. (Anyone interested might just keep an eye on eBay, entire airlines do tend to pop up there now and again.)
I may squeeze in one more post before my guest stint ends later today. If not, my sincere thanks to Tyler and Alex for inviting me to guest blog, and to all of the Marginal Revolution readers who sent me notes and questions. The quality and thoughtfulness of those emails was really quite astounding!
This may also mean another troubled airline pension plan dumped on the PBGC.
My econ professor, Bob Turner at Colgate, used to wax poetic about the perils of the airline industry, which include ery low barriers to entry, high fixed costs, high labor costs due to unionization and the skill levels of employees, and a seemingly limitless number of people that wish to enter this “sexy” industry. It does not help that countless airlines are operating as ghost businesses out of bankruptcy, rather than being defunct. So it is no surprise that the post-regulation airline industry has seem countless more busts than successes.
Does this mean that contestable markets theory is dead?
The airline industry was supposed to be the poster boy
for how apparently oligopolistic industries would behave
competitively with the constant threat of hit-and-run
competition. Or, maybe we have simply seen such an
example: Independence Air hit and now they are running.
Ken Button in the Public Policy School at George Mason
has written extensively on how basically the airline
industry faces a hopeless situation in the long run
for the reasons that you cite, Gary.
Does this mean that contestable markets theory is dead?
The airline industry was supposed to be the poster boy
for how apparently oligopolistic industries would behave
competitively with the constant threat of hit-and-run
competition. Or, maybe we have simply seen such an
example: Independence Air hit and now they are running.
Ken Button in the Public Policy School at George Mason
has written extensively on how basically the airline
industry faces a hopeless situation in the long run
for the reasons that you cite, Gary.
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more info please visit the web for b2c iphone etc.
Ein seltenes Angebot: Im Handy-Shop des Mobilfunkbetreibers E-Plus steht
zurzeit das Dual-SIM-Handy Samsung B5722. Das Mobiltelefon für den parallelen
Ciphone
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