We very much regret that our merger with Sprint was not allowed to proceed,

The merger will greatly expand our total number of local networks and advance our entrance into more secondary cities by as much as two years,

Given Siebel’s announcement [Thursday], we look forward to a favorable Siebel stockholder meeting on Jan. 31st and completion of the merger on the same day or very soon after.

We think there is real reason to be cautious here only because the magnitude of this merger is just far beyond anything we’ve seen in many, many years.

We believe the excitement of the merger and recent offerings has driven the valuations to a level that is inconsistent and overpriced versus some of the other larger airlines.