💥That's the Spirit!💥

Plus: True Value Company LLC, Big Lots Inc., Avante Health Solutions, Gritsone bio Inc., and Pottsville Operations LLC.

Source: Getty Images

As the world awaits the upcoming US election and the bankruptcy world awaits a possible bankruptcy filing from TGI Fridays Spirit Airlines Inc. ($SAVE)(“Spirit”), we’re left with a bunch of uncompelling chapter 11s. Don’t worry, though, y’all: we do our best to make them compelling below (though … another SNF, 🥱).

But first, what of Spirit?

Saying Spirit Airlines Inc. ($SAVE) is “One to Watch” is like saying the new Joker: Folie à Deux movie is a strong contender for a Golden Raspberry.

Source: sadanduseless.com, Exactly what the DC Universe needed: a musical!

There’s been enough writing on the proverbial wall already:

Source: Barron’s

Source: WSJ

Source: Bloomberg

Source: WSJ

But it’s time for us to add our 2¢.

We’re sure you’re all familiar with Spirit Airlines already. In fact, we’re sure some of you have actually had the displeasure of flying with them.

Source: Reddit

Source: Reddit

Forget peanuts, you don’t even get water on Spirit flights….

You’ll recall that JetBlue Airways Corp ($JBLU) tried to acquire the ultra low cost carrier (“ULCC”) all the way back in ‘22. The U.S. Department of Justice (“DOJ”) got involved and sued due to anti-trust concerns.* A federal judge ended up ruling against the merger in a January ‘24 decision and the two parties ended up abandoning the merger plans in March ‘24. The DOJ celebrated their victory:

Leading to this…

Source: Google. Look at that drop!

Now that Spirit is on the verge of bankruptcy, most people are considering that “victory” to be a lot more pyrrhic in hindsight.

Source: PETITION Meme Department

Source: PETITION Meme Department

Source: PETITION Meme Department, merger arb anyone?

Okay but how did we get here?