Sure, I agree that money is expected to be tight for the first year or so, but projections have the proposed new operation moving into the black pretty quickly with some pretty solid contracts. That's not an unusual scenario in these times where capital is hard to find. The problem becomes harder as aircraft companies stop leasing older aircraft and look for quick cash sales. Anyway, the current pool of investors are happy and these aren't stupid people by any stretch of the imagination. I certainly can't think of many airlines that have finished their first year with a sizable operating profit.
As I mentioned before, I'm not a fan of "pay to fly", but when the alternative is not flying at all, it seems that there are many eager takers out there. Frankly, I would have done it myself, back in the day. Turbine time is gold when climbing the career ladder, twin turbine time much more so. We already have people queuing up (in a different operation) to pay for for type rating ground schools with absolutely no promise of a job whatsoever.
Whether that is good for the industry, well that isn't a simple question in my view.
For some interesting parallels, have a look at what junior doctors have to put up with...
C/R
Come on, do you expect me to believe that NOBODY ever got any multi turbine time unless they "bought it"?!! Clearly that is just NOT TRUE! A poor choice of words, on your part I hope. I really can't believe that anyone would believe that!
OK maybe not 100% true, but certainly 90% true. remember, I am not in Oz. Not many turboprops in GA here and you only get a chance if you "know someone".
Think about it - at the heart of the matter, I believe, is Operators figuring out that they can take the impatience of today's candidates (did someone say Gen-Y?), all the way to the bank, like it's currency (the $$$ kind).
Yes, it's called business...
The people who recoil are mostly old-schoolers who never had to do it, and who don't get that the world has moved on now. It tends to be more of an issue down here in Oceania, in Europe for example people are far more pragmatic and tend to just accept that this is the way it is done now. If Michael O'Leary (Ryanair CEO) is correct, we will move away from the low cost model in the next few years, if that does indeed happen than I expect we will slowly see the end of the "pay to fly" idea. I also fully expect that less and less people will choose aviation as a career, and this will in turn lead to serious shortages and consequent improvements in terms and conditions - just like the '80's, when my salary jumped three times (by around 35%) in six months as airlines struggled to attract pilots.
Interestingly, I once asked an Asian colleague why so few of his countrymen were attracted to aviation, and why so many expats were flying for his national carrier. He replied that anyone in his country who had the money for flying, just went and got an MBA instead. More money, less hassle, better lifestyle...