I certainly wouldn't agree that MyTravelLite have a 'completely screwed business plan'. Sounds to me like they are focusing on delivering a much better service than their rivals. It's also obvious that dropping Dublin means they are working harder at being a specialist spanish operator.
Another thread today on pprune says they're tipped to survive because they aren't getting involved in the wrangling over who can be the most "low costy low cost" battle.
As to their MD leaving - bad timing agreed, but they are still in very safe hands.