Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast for the first time to share his thoughts on the JetBlue $JBLU / Spirit Airlines $SAVE merger trial that is now underway. Known for their “Event-Driven Legal” investment-research, Michael Cohen and his team follow significant legal disputes and are closely watching the $JBLU / $SAVE case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
For more on the SAVE / JBLU trial, see podcast #197 with Lionel Hutz: https://www.yetanothervalueblog.com/p/lionel-hutz-breaks-down-the-jetblue
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:38] Michael's overview of the $SAVE / $JBLU trial as the trial has commenced
[14:47] How $SAVE / $JBLU case compared to Spectrum Brands trial
[16:20] Judge for the $SAVE / $JBLU trial
[19:52] Divestitures
[22:50] Anti-competitive arguments
[26:27] Spirit "Hot Docs" (Hot Documents)
[29:02] "Flailing Firm" defense
[35:28] Spirit stock performance since the trial started
[39:41] Head of Network
[42:31] Government "Hot Docs"
[45:32] Market Definition
[49:55] Additional takeaways from $SAVE / $JBLU case - government's focus on $SAVE's business model and testimonies on the fluidity of this industry
[51:32] Odds of DOJ winning vs. $JBLU winning
[54:26] What makes Michael think that this case isn't a coin flip in $JBLU's favor
Today's episode is sponsored by: Alphasense
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