you forgot to mention that operators understand that aircrew are the most compliant and malleable workforce there is - which is partly why they are in the state they are currently in.
The Race to the Bottom has been actively facilitated by the clients in various and nefarious ways.
I see that the ‘Yellow’ ones have been knocking on doors asking for interest from a previous ‘interested party’ - even though they were incapable of providing a reasonable set of accounts for the investor to dig into.