OK Lester, you're trying to call my bluff, and that's fair enough, except for one thing regarding REX Management. It's not about the money!!! I know that may be difficult for you to get your head around, but bear with me.
Back in early 2007 blind Freddy could see what was coming. The REX chief pilot predicted a 20% pilot loss. Clearly not the smartest guy in the room! At that time Rex were carrying approx 2.6 mil Pax p/a, some over multiple sectors. This was a significant increase over the 2004 figures, and clearly a vindication of the REX business model.
Also over the previous few years, in response to increasing oil prices, REX imposed a fuel levy to offset the increase in doing business. Starting off at around $18 per sector, by 2007 it was just a shy under $50! See where I'm going here?
Once it all started turning to crap in 2007/08 it became apparent that REX were unable to replace the losses. Rather than accept the retention of pilots as a cost of doing business (utterly against the Chairman's ethos), Jim Davis stepped up and sold him on the scheme that would save REX. Jim had observed the KLM cadet scheme first hand, but guess what? REX aint' KLM! to cut a long story short, the whole thing was tendered out to the lowest bidder, and within 6 months it was a complete basket case. What to do? Admit defeat and lose face, Yeah right! Or take ownership and do whatever necessary to make it work. The end result, approx 70 checked to line F/O's, the first of which will not be able to hold a command for at least another 4 years, and a bill so far in the tens of millions! Obviously there are earnings from the scheme, but when you factor in the total cost per cadet, the numerous discounts, low interest loans, and of course the infrastucture costs, wages, meals, etc, etc, there is no way this thing has even come close to paying for itself. Where AAPA will eventually pay, is in the training of foreign pilots, something the "solution" to REX's crewing shortage was never going to achieve. either in monetary terms, or in the replacement of experienced pilots.
Now as far as an analysis of the REX financials is concerned, I can tell you now it would be an exercise in tail chasing, and you Lester, know it. To make a true comparison, one needs to look at the results of the alternative as opposed to the "runs on the board". Frankly I think it's fantastic what LKH (despite what some may think) has done with REX. But just how much more could it have been? We'll probably never know.
REX have toughed it out in the past, at huge expense to the traveling public (but that doesn't matter does it). My prediction is, they'll try to tough it out again. Already REX have cancelled all charter quotes, and that business will ultimately go to operators who see the value in retaining a once again diminishing resource. Just how much damage will be done? That will have nothing to do with REX's actions, but everything to do with REX's inaction.
Good Luck REX, we're all going to need it!