JA good times were based on income from aircraft sales. Charter and aircraft management has never made JA any money. Over the years they have been too busy Empire building making the company now very very top heavy in a poor climate with no substantial income to support it, forgetting what the core fundamental business model was.
The upper management have a classic case of Hubris syndrome in the Aviation industry and will follow the direction of Enron and more recently Lehman Brothers in the current climate.