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From the opinion pages of the Wall Street Journal,

this is Potomac Watch.

Spirit Airlines shuts down over the weekend, tossing 15,000 employees out of work and losing a low-cost competitor to the Big Four U.S. Airlines.

We'll give you the backstory on what led to this failure.

Plus, President Trump moves to escort ships trapped in the Persian Gulf through the

Strait of Hormuz in what he calls a humanitarian operation. But Iran doesn't seem to think

it's humanitarian at all as it fires at tankers and hits at the United Arab Emirates on Monday. Are we looking at more escalation

in the Gulf? Those are our topics for today. Welcome. I'm Paul as you go here on Potomac

Watch, a daily podcast of Wall Street Journal Opinion, and I'm here with my Confederate World Watchers,

Economic Watchers, Gulf Watchers, Elliot Kaufman and Alicia Finley. Welcome to you both here in studio. Good to have you here. Let's talk about the spirit failure first, Alicia, not merely a bankruptcy. That happened in November of 2024. This is a liquidation. It's gone. It's shut down. Locked the doors, no more flights. Trump had tried to

flow to rescue, government rescue, but he wanted a government stake in the airline. And I think

my understanding as a bondholders just said, we'll take our luck with liquidation, you know,

better than with Donald Trump taking a 90% sake or whatever you wanted.

They would have been severely diluted, so they figured with the liquidation and recall this is the second bankruptcy.

...