Wow...$39 a head???
I'll never bother trying to fully comprehend the airline industry. Best I can tell, the model is to pay yourselves a ton, go belly up after a few years, start over with a "clean slate" and do it all over again.
I know some people who are retired from UAL who will rant until they are blue in the face. To top it off, someone is now looking to buy them now that they are coming out of bankruptcy with the "clean slate".