Fireflybob,
Very interesting! I have been doing a lot of thinking lately about a cooperative airline setup the way you mention. There are examples like WestJet in Canada and to a certain extent Southwest where employee is much more involved in the airline as a whole. And they seem to be doing well financially and are very popular as an employer.
Also you can see coorperatives in other very specific lines of work, for example amongst medical specialist and harbour pilots to name a few.
I think the coorporative model makes a strong business case. A good way to avoid a greedy (and very costly) management. The major challenge will be to get the people with the right mind and skill set together from the very start.
Happy to exchange ideas