This "radical" plan is nothing new. They looked at buying stations for AA outright at first, but found the idea as cost prohibitive. Their final decision on buying stations was to get their network out there, then after it turned profitable start buying stations. I guess the Drobnys decided to skip that last step.
They think that if they can stave off the inevitable death of AirAmerica until after the November elections, it will be of such great use getting democrats elected that it will justify the megabucks being thrown down the hole.
Gee, they never tire of throwing someone else's money down a hole.