Transfers = (cash in pocket) - {(wholesale run on EP seats) + (other loopholes and abuses)}
therefore
Transfers = revenue loss

Until Craz posted about it, I had no idea any such thing was going on. I'm not sure how many people can charge 1M a year on their credit card, but in these cases, it's obvious that a customer could put a claim on tens of thousands of dollars worth of seat revenue without contributing even close to that in mileage value.