From the Irish times article:
The Isle of Man-based company is using an EU loophole whereby “virtual” carriers can operate under another airline’s licence. Euromanx is believed to be licensed by Denimair, an Austrian concern. This tactic avoids some onerous regulations that stipulate among other things that anybody setting up an airline must prove to the satisfaction of the relevant national authority that it has six months’ operating cash to compensate passengers in the event that the venture does not get off the ground.
Surely Denim Air is a Netherlands registered company operating on a dutch AOC ?
Oh and congrats to Euromanx on getting RJ70 EICPJ to the IOM - but will it be off to Galway before the day is out leaving the Island to wait for the next one ?