It seems clear that JetBlue is better off without the distraction and cost of a Spirit Airlines acquisition. They should work on a new American Airlines alliance similar to American’s deal with Alaska, which the anti-trust judge outlined would be permissible (and American in its earnings call said they’d consider a new partnership).
They need to get their operation under control, rebuild service to Boston, shift away from long haul international growth where they’re bleeding, and walk away from Southern California. Or else, expect Carl Icahn to dismantle the carrier and sell it for parts.