Also from the above mentioned article....
"Although most industry observers share Baker's concerns about FLYi's prospects, many are more optimistic that the airline will survive. Struggling airlines have repeatedly found temporary saviors in time to avoid shutdowns. FLYi leaseholders, for example, own an estimated 20% of the company's stock and could bend further to protect their investment.
"Investors and analysts routinely underestimate liquidity rabbits that failing airlines pull from their hats," Baker conceded. Falling oil prices or a dramatic uptick in FLYi's revenue also could buy the company more time."
Not to downplay the seriousness of FLYI's situation, but there is some breathing room even beyond what has already been bought (especially if revenue increases... which it should from the second quarter on).