RJET doesn't own routes, the planes they do have are under contract with the mainline carriers they contract with, who also have first rights on the leases if RJET can't maintain the flying. That means AAG (American airlines) for example can take over the E175's they contract with RJET and have them operated by another carrier without the pilot staffing issues RJET has.
Regional airlines operating under capacity purchase agreements are not the same as airlines that operate there own routes and fleets. RJET is a sub contractor, without agreements with mainline partners they will cease to exist. They don't have a product to sell to the public, their customer is the mainline partner, if the mainline partner isn't happy with the product (Delta and American) they will take over the leases, or like DAL is doing, sue them for not maintaining their part of the agreement in operating those airplanes.
RJET is in real trouble because of Bedfords poor management style, his poor decision making, his poor relations with his employees, especially the toxic relationship he has with his pilots. He has had a tough job recruiting new pilots and now with a company in BK pilots with less than 3 years of seniority will leave knowing they oppurtunity to upgrade to Captain has been pushed back for several years while other airlines like SKYW pay more and offer stability and a solid chance of upgrading to Captain in 3 years or less.
RJET is in real trouble, the same position that Pinnacle and Mesa airlines were when they went bankrupt. Pinnacle was taken over by DAL and shareholders got nothing. Mesa came out of BK as a private company and shareholders got nothing. The same will happen here IMO. There will be great swings and bounces to trade but in the end common shareholders will be left with nothing.
This isn't an Anerican airlines situation, this is a company that is a sub contractor for its product with a CEO who has made several mistakes and has a toxic relationship with his employees, those employees especially pilots have no loyalty to him or the company and will bail out for better opportunities else where.
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