In the midst of the COVID-19 crisis, IATA — the global trade association for airlines — faces an existential dilemma. With air traffic collapsing by up to 98% and billions in airline losses, the association’s funding, relevance, and capacity to act are under severe pressure. As revenues plummet, IATA’s leadership must reassess its portfolio of services, financial model, and long-term strategy, all while preserving neutrality and consensus in a politically sensitive environment. This case invites students to explore crisis management without coercive power, stakeholder alignment under structural constraints, and the potential for institutional transformation in multi-stakeholder ecosystems.