The issue at play here is the cut and dry nature of doing business, and the brutal way in which regulation works. One thing is for sure, the wishful thinking that the UK Government would step in and bailout/nationalise the company, is exactly that - wishful thinking. The government would not go anywhere near it. It would certainly get very messy with respect of EU state funding rules if it even attempted such a move.
I'm inclined to also think that Monarch was more non-package direct ticket sales operation than a package operation at the end, and that Thomas Cook remains predominantly package holiday-filled flights, be that for a week at the beach or their sports and cruise arms.
All the points that
rog747 made are entirely accurate in this instance. In business and in regulation, there is no time for sentiment and certainly no respect for heritage. If you don't have the dosh, you're finished. Simple as that.