If I were Qantas or Virgin management I'd be keenly running the ruler over Alliance. Great contracts with astute management and lean employee structure from what I understand. Unfortunately adding thick layers of bureaucracy over a trim operation like Alliance may render it's profitability gone. There is the on-carriage that may mean something and other synergistic benefits however. Interesting to see where this would go. Good time for the Alliance private equity mob to be getting out IMHO