"Part of what's been 'different this time' for the industry has been increasing interest from less traditional, long-only investors that had previously shunned the space," Baker said. "A significant part of the sector's appeal was the notion of 90% of domestic capacity being controlled by four players. With that scenario now potentially at risk, we believe the broader industry thesis has been compromised."
-- Written by Ted Reed in Charlotte, N.C.
>To contact the writer of this article, click here: Ted Reed
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