If anyone has ever check out where the A/C are currently coming from, you will note that a large number of them come from some leasing company created by some Atlas Air World Wide subsidiary or a sub-subsidiary of such since inception. Usually done for tax reasons, upstreaming income offshore, and minimizing liability. If they create a new one, it does not really change anything labor wise. It's just a new one to the existing fold of leasing companies that own the A/C. Neither the Atlas or Polar labor contracts have any really good ties to the A/C in number scope wise.
I do remember R. Shuyler (sp?) a number of years ago making a point of publicly asking the board of directors during labor contract negotiations if they should go to dry leasing only to put some leverage on negotiations.
If they want to do that now, there is nothing labor can do about it in it's existing labor state at Polar/Atlas. Doing dry leasing is not really a big money maker compared to wet leasing. Profit being the chief motivator will probably rule, but they have moved A/C to make a point with labor. Such as A/C moved to GSS, Tradewinds, Focus, Polar and Atlas back and fourth.