Sounds about right, don't forget we are dealing with some slippery amigos, no morals or loyalties.
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It could be a misdirection. post job openings and make it look like you've turned things around(especially if you posted a smaller loss or larger gain than the last period). Be one of the few places offering a job in the field in that area. Except that you are no longer offering even competitive wages, you go for the people that have run out of benefits and need to just find something. Get a few experienced guys making $5 or less an hour than the current staff, then start replacing. Look even better the next year. They don't have to fill most job openings by a certain time, so they can just sit back and wait until they get those people.
Yea right, check out the price of oil today.