StbdD - Thanks for that - at last we as outsiders are getting more information on the real situation at ATLAS.
Two things spring to mind - first BA has wanted to expand the number of aircraft they have on ACMI lease from ATLAS for some time now; and that there has been strong interest in leasing aircraft from ATLAS expressed by at least one other UK operator; but thanks largely to the efforts of the IPA on the 'flagging out' issue, they have been unable to do so.
Secondly, even if they do have five aircraft, if two or three of them are dedicated to BA ops, then the balance won't be of much use to ATLAS as 'scab' aircraft in the event of a strike. Obviously, AACS needs to have a certain number of aircraft in order to achieve operational economies of scale.
I would suggest that AACS would be used as an EU operation, and therefore provide lift to carriers such as Alitalia, SAS, Air France etc. I agree with you though that I can see no reason for AACS as a company to be operating outside a tightly defined 'sphere of influence'; and as soon as they get themselves properly organised and the aircraft on the UK register then this, I am sure, will be resolved.
I would be considerably more interested to learn how they managed to get around the UK ownership and control issues: who, exactly, are the UK nationals that own and control a minimum of 51% of the company?