WGW--What new-entrant LCC has landed in bankruptcy court recently? Sure, 9/11 weeded out a couple that were shaky but all I see are airlines that have been around 30 years or more.
The top three LCC's are making money and the Legaices aren't even close. It's the legacies' business model that is flawed, not the LCC's.
VA may or may not happen but if it does, it will take its market share from the hides of UA
and it will be operated by highly motivated legacy castoffs like myself...