Fraud hunter,

I hope you are right.  Good for all Canadians to have a healthy airline segment.   You are correct that Delta spent too much cash flow on things to boost the equity price , leaving them with insufficient liquidity to deal with this black swan event.  This doesn't take away from the fact that day to day operating metrics were quite good .  And quite rightly, the past is prologue , both for AC and Delta and neither will be generating free cash this year.  

just remember that equity holders are last in line , so with bailouts, etc , the first in line are the debt holders, which is why I emphasized this.   Even the dated National Bank piece expected AC to burn thru almost $3 billion in first six months of this year.   That is $17 million per day, but since is more Q2 weighted, my expectation of AC burning $30mm per day in q2 isn't unreasonable.  

So nobody knows anything right now.  National bank expects some cash inflows in latter part of this year, but nobody knows about timing.  If delays persist, more balance sheet risk exists and the equity falls further .  If it ends quicker and recession is mild and biz travel bounces back, then BUY the Stock.   Very binary outcome at this stage.   Tough to have conviction if risk/reward isn't skewed much more massively to the upside.  

just my $0.02.