Roadtrip - it's a toughie ... and believe it or not I do have a fair amount of sympathy for you guys; especially over being shafted on the profitshare deal. I guss it's cause I'm a Libran ... I see both sides of the equation and have a stong sense of fair play!
However, at the end of the day as I said above its the guy that signs the cheque (or check if you prefer) that calls the tune. If the shareholders feel that they will get more return out of a whole load of mini-ATLASes dotted around the world - and at the same time cut their overheads then I don't think that there is anything anyone can do about it - court or otherwise. As I have said, this is a global business with global players.
That said, standards have to be kept up - that's one of ATLAS' principal selling points: but at the same time don't forget that the main reason carriers use ATLAS is (a) for flexibility and (b) because overall it's cheaper. The moment you guys start demanding serious pay hikes, the cost advantage disappears up in smoke and the contracts with it.
At the moment, you're (as a company) in the enviable position of being in a near-monopoly situation; the only other big player is Gemini and they largest the go is the MD11. I guess you could count World in as well, but for how much longer? Watch out for Polar ... at the moment they are mainly concentrating on their own operations but if they decide to get into the ACMI business you'll be in trouble as they have far deeper pockets.
Beware the recession as well - it's going to lead to serious cutbacks in leased aircraft; again unless there is a substantial cost benefit in keeping the operation going.
But I'm sure this is all stuff you have already considered.
The question is, what are you going to do about it?