Just one issue with Loaded's anaysis: that LH wouldn't exist without SH. VS seems to survive without in-house feed. Provided there are sufficient frequencies into the hub provided by whoever (i.e. low-cost or other) so that pax can make reasonable connections, LH would attract traffic. Might have to agree interline/codeshare agreemnts to avoid poaching by others but ownership not vital. Also, it would avoid pro-rate nonsense where SH sector is sold way below cost in order to attract pax onto LH. I agree such a restructuring is so daunting that it's unlikely to happen.