Wrong.
IF, and that is a big if, XJT can survive 5 more years of bleeding cash every quarter (there is no current source of revenue that can ever make XJT profitable), then in 5 years XJT will be going, going, gone. The CPA with UAL ends in 3 years and if they say no to this I doubt will be renewed. The CPA with CAL ends in 5 years and will definitely not be renewed. Even if they wanted to renew it, the aircraft leases start coming up in 5 years and CAL/UAL will not be leasing aircraft to a regional ever again. So who has the financial stability and credit rating to lease replacement aircraft? Only 2 or 3 airlines out there and XJT isn't one of them. Skywest, Inc., however, does, and it is already obvious that CAL/UAL want them to be long term partners.
It's time to accept reality. XJT takes the deal and gets the best that they can now, or they all start looking for another job in 5 years.