Sounds like nonsense however O'leary made hay while the sun was shining hence the huge reserves. He's gong to need all of it soon because the RYR model is not geared towards this type of downturn and despite all his BS he knows it. Demand is falling off, the passenger base is disintegrating. No fuel hedging either..that alone will balance the books against RYR's other 'efficiencies'. Flying to tarmac strips in a farmer's field will not be cost effective when the wannabe ferry passengers can't stretch to it anymore.