Operators like ALK work on a 5 - 7 year investment cycle to maximise their investment. Even on a leveraged buy - out they will typically see out leveraging (Glazers excepted) to make the target more acceptable for a buy out. As it was leveraged in the first place, that is total return on almost zero investment.

ALK is likely to have a target value that, once reached, will mean that they are likely to sell (if they can).

After taking what they want out of the sales proceeds, they will probably use the larger pot of seed capital left from the sale to go for a bigger leveraged buy - out, with potential for even bigger profit.

One of the ways the rich get richer.