I reckon you're close to it d_concord.
Have a look at the Skywest annual report. Yearly profit in the order of $12mil. and now with an under utilised A320 to pay for, amongst other things.
Slick accounting, special leasing deals, and pushing money around, cannot divert from one inescapable fact.... Someone has to pay for it. in Skywest's case, that's around $300 mil when you factor in 18 aircraft and all the ancillary start up costs.
A $300 mil debt for a company earning around $12 mil a year? Hope I'm wrong, but that would scare the Cr@p outa' me!