Alaska pilot group choked. Simple as that. They barked (SAV and picket). Their management threw them a bone in form of some improved work rules over the atrocity they had before, and a snap-up rate just to shut them up, and like loyal lapdogs, they jumped all over it, forgot all their leverage, gave in to FUD about the economy, and passed the buck to others to do heavy lifting for them. But then if you tried to tell them hey, they're only giving you scraps - you can do better, they'd growl like you were trying to steal their scraps.
And yes, the 38% factor here is concerning as well.