New startup airline? - check this out

http://www.familyairlines.com/index7.html

I stumbled across this the other day and found it interesting, to say
the least. A startup airline that plans to operate 14 747-400s
initially with max density seating (581 pax - can you say "cattle
car"??) with fares ranging from $19 to $99. They expect 100% load
factors and have a new business model for a revenue stream.
Maybe it's the cynic in me, but I can't see using a widebody
profitably for a 205nm segment (LAS to LAX) while filling seats. I'm
also wondering who is extending the credit required to lease 14 747s.
Last I heard that market was pretty tight. Their initial DOT filing
was made in January this year. I guess that means the Part 121
application is in the works too?