Thanks for the shout out!
The wide spread is peculiar but we shouldn't assume the market knows all. There have been a number of large spread transactions recently that in hindsight seem obvious. Tenneco dipped to $15 in the summer of '22 with the deal set to close at $20 in the fall. Twitter was in the $30s a few months before closing at $54.
SAVE as a standalone assuming pre-COVID margins is a steal. Will business travel return to pre-COVID? It appears to be heading that way. If that happens, things should stabilize. The oligopolistic factors that got Buffett interested a few years ago are still there Of course near term (recession, oil, engine issues) risks remain, but that's always the case.
The high leverage is no good so I loaded up on puts, but then was able to make all my money back by selling near term calls. The puts are expensive but am banking on us getting an answer sooner rather than later. From everything I have seen, this judge is a fast decision maker.