I think they have to raise the ante. Their pay now is down relative to the pay of many other airlines, and I think what they're worried about is job security.
The pilots are key. This is critical. If they don't reach an agreement, it could be the end.
Even if they convert it, conversion doesn't take place in an instant. Even that would involve some sort of a shutdown. It might be as long as three months to two years for conversion to take place.
There's gonna be enormous pressure on the judge to avoid a strike because if there is a strike, it could conceivably be the end of the airline.