Robert Milton first did it with Air Canada's frequent flyer program Aeroplan - spin it off that is. Made a nice pile too for parent ACE Aviation. "Monetising" he called it.
Now, fresh on the heels of Qantas boss Geoff Dixon looking to follow in Milton's footsteps and do the same with the Australian carrier's loyalty scheme, is the same about to happen at American Airlines?
Well, it will if FL Group, a rather large Icelandic shareholder in American parent AMR Group (9%), has its way. By FL's estimates some $4 billion could be raised. Not bad for a business capitalised currently at $6 billion.
What I like about this story is the balls of Europe's northernmost cousins having the impunity to tell one of the world's largest airlines how to run their business.
At Airline Business we've been watching these Northern Raiders for some time. In fact, we called our story explaining their strategies - and there is more than one of them - by the very same name.