Buying Spirit Airlines Stock Right Now Is a Risky Gamble. Here's How It Could Pay Off

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Here are facts mixed with arguments:

1. The number of travelers heading through U.S. airport security checkpoints on May 31 was down 86% year over year, and that is an improvement over the 95%-plus drop recorded in mid-April
2. Industry stalwarts like Southwest Airlines
3. Smaller, second-tier carriers like Spirit Airlines (NYSE:SAVE)
4. Buffett gave up on industry stalwarts like Southwest Airlines
5. The most attractive in the industry over the next 12 to 18 months is SAVE, if survive
6. Spirit airline - $915 million in cash as of April 30
7. As of early May Spirit was burning through about $4 million per day, but that figure has hopefully come down some in recent weeks as demand appears to be slowly rebounding off an April bottom.
8. burning $4 million per day - Spirit airline 
9. The airline has applied for U.S. Treasury loans under the CARES Act for up to $741 million, with airlines allowed to wait until Sept. 30 to decide if they want to take all or part of what is available to them.
10. Spirit has $650 million in unencumbered tangible assets, including 29 aircraft.
11. In 2019, Spirit spent 7.97 cents per available seat mile, an industry metric used as a base unit for airline flying.
12. Discount king Southwest, by comparison, spent 11.74 cents per available seat mile last year.