They dont own their aircraft and are totaly reliant on hundreds of demanding ultra high net wirth individuals from all over the world ( to whom they are individualy accountable) to entrust them with their precious machines.
Well that's called running a "management company" and it is the same as TAG, Global Jet, BAA, JetAviation etc are all doing (JetA less charters) and for the most part are profiting very well from.
It's when companies start buying and owning jets that things go wrong in my opinion. Selling charters with aircraft financed and owned by someone else is massively de-risking your business as there is always an owner paying crew, parking, maintenance, insurance etc etc while you charge €10-20.000 a month in management fee and taking 10% on all charters sold by your charter department. You don't want to own all that iron sitting on the ramp when charter business is going down.
CP