Mo Garfinkle is assuming a lot considering it is a private company. As long as the investors are happy who else cares? Unless Mo is on the board of directors how can he possibly know anything more than what is reported to the DOT?

We didn't grow fast enough! OMG! Never mind the fact we posted a profit with 28 planes in the third qtr using an infrastructure and business plan calling for 50 planes to reach break even.

Now that we are adding about one plane a month I am sure the great wizards of airline analysis will soon say we are 'growing way too fast to sustain profitability' or something similar.

Yes, the first two years were bloody, but we are still here, and in much better shape than the plan predicted. We also got called out on the 2nd qtr financials for having slightly underwater fuel hedging, but those same hedges are looking sweet now with a large portion of our fuel needs locked in below market.

Back to the OP's question:

Yes, we have work rules that are pretty standard in the industry. There have been positive changes such as upgrades keeping total longevity for pay, and there are some that need improvement such as full pay for deadheads, but overall the experience has been pretty positive. Ask any redwood guy how it is to deal with scheduling here versus their old carrier and you will hear few complaints. We fly planes with few writeups and stay in nice hotels of Hyatt/Westin quality.

True, the company can change the rules anytime they wish. They are also smart enough to understand the implications of doing so.