Astrojet,
I suggest you read the the RAH 10K sometime. The contracts are specifically between Shuttle America Corp. and Delta Airlines or Chautauqua Airlines Inc., and American Airlines, etc...
The simple fact is that RAH is not an airline. It is a holding company. What one airline does has absolutely no legal impact on what the other ones are doing. I'm quite sure Bedford made a few calls to a few accountants and attorneys before he set this stuff up. You may not like him and think he is evil, but he is not stupid.