I seem to remember getting an info pack from Lionair back in about 1991, in South Africa, where the Guv was attempting to operate from.
The idea was for employees to buy shares in the "airline" (or take shares as a part salary). Each aircraft would operate as a seperate business entity, with profit share from the plane you operate being distributed as bonuses.
Of course, if you AC was a dog, and sat on the ground a lot, you were paid diddly.
It didn't get off the ground then either. I guess the "boss" figures he's got all the BS available from last century, let's try it now!!
I would not touch it with a barge pole (just my opinion, of course)