G7 selling owned planes to OO and leasing them back indicates a cash flow problem. It is entirely possible this was done to try and weather the financial storm. It is also just as likely this is a attempt to get as much cash on hand as possible to liquidate the airline. HK wants out, he has already sunk two airlines. Might be going for the hat trick.
FWIW - I don’t see OO wanting to operate the 550 in UAX/G7’s markets. They much rather lease those owned planes and make the someone else deal with being competitive in the northeast market while they cash checks.