Lionel Hutz, Editor of the Valorem Research Newsletter on Substack, joins the podcast today to provide his Spirit / JetBlue post-trial breakdown.

For more information about Valorem Research and to subscribe, please visit: https://www.valoremresearch.com/

[0:00] Introduction + Episode sponsor: Alphasense

[1:44] General takeaways from Spirit / JetBlue post-trial and post-trial briefs

[7:56] DOJ's case, what citing of Philadelphia National and Baker Hughes cases as precedents means

[13:17] Harm to local markets - thoughts on this framework as it applies to the bear case

[16:04] JetBlue's "having it both ways" arguments and where Lionel thinks JetBlue scored points with their arguments

[23:21] 51 presumptive markets and how they are relevant to this case + the government's skepticism of divestitures

[33:20] How JetBlue and the government handled the expert witness, what deficiencies that JetBlue finds with the government witnesses

[39:39] Government's points regarding the hot docs

[42:40] How precedent being used to support both sides of the case

[50:03] Evidence supporting JetBlue's position and evidence supporting DOJ's position

[57:26] The fourth bear case on relevant markets

[1:03:35] Timing on ruling

[1:12:33] Legacy of the outcome for this case

Today's episode is sponsored by: Alphasense

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