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TEMPLATE LETTER TO JUDGE SEAN H. LANE

Subject: Shareholder Concerns Regarding Spirit Airlines Chapter 11 Bankruptcy (Case No. 24-bk-11988)

Dear Judge Lane,

I am writing to express my concerns as a shareholder of Spirit Airlines $SAVE, now trading under $SAVEQ on the OTC market, regarding events surrounding the company’s Chapter 11 bankruptcy filing and proposed reorganization plan.

Specifically, I am troubled by the apparent contradiction between public assurances made by CEO Ted Christie earlier this year and the company’s recent actions. Spirit Airlines retained the law firm Davis Polk & Wardwell in February 2024, months before Mr. Christie publicly stated that bankruptcy was not under consideration in June of 2024. Less than six months later, Spirit Airlines filed for Chapter 11 bankruptcy and is now seeking to cancel all shareholder equity as part of its restructuring plan.

This raises serious concerns about transparency, corporate governance, and the rights of shareholders, particularly given:

• Timing and Preparation: The proposed bankruptcy plan appears to have been in development for a significant amount of time, particularly as Spirit Airlines failed to file its quarterly financial earnings on time. This strongly suggests that preparations for bankruptcy were well underway, even as shareholders and the public were reassured otherwise.
• Speed of Proceedings: The company seems intent on streamlining this bankruptcy process, potentially with the intention of pushing it through as quickly as possible. This approach gives the appearance of an effort to defraud shareholders by minimizing scrutiny of the company’s actions leading up to the filing.

Given these concerns, I respectfully request the following:

• Temporary Stay: Please consider temporarily staying the bankruptcy proceedings to allow a thorough investigation into the matter. Shareholders and other stakeholders deserve an opportunity to fully understand the events that led to this bankruptcy filing and the fairness of the proposed plan.
• Investigation: I urge the Court to examine the following issues:
  • The purpose and timing of Spirit Airlines retaining Davis Polk & Wardwell in February 2024.
  • The intent and accuracy of public statements made by CEO Ted Christie regarding the company’s financial outlook and consideration of bankruptcy.
  • The development timeline of the bankruptcy plan and its impact on Spirit Airlines’ operations and financial reporting.

As a shareholder, I stand to lose my investment entirely under the current plan. However, my concerns extend beyond financial loss. This matter involves protecting the rights of all shareholders and ensuring corporate accountability.

I appreciate the challenges involved in overseeing this complex case. However, I strongly urge the Court to ensure that Spirit Airlines’ actions are fully scrutinized, and that fairness and transparency guide the bankruptcy process.

Thank you for your time and consideration. Please do not hesitate to contact me should you require further information or supporting documentation regarding these concerns.

Sincerely,
[Your Name]
Spirit Airlines Shareholder

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