MOR - I suggest you have a crack at running an airline (or indeed a mortgage lending business) yourself before passing judegment on someone's skills as a businessman. There is nothing "lucky" about making money from Air Nelson or from a mortgage lending business. Running an airline is an extremely difficult proposition at best let alone an independent regional airline competing against a government owned entity.
I don't doubt RI made some significant errors that contributed to the situation OP is now in. I don't know the guy but it would seem his personal style isn't conducive to team building. However everyone should balance this against the realities of operating an airline in the current economic environment (read fuel prices). To paraphrase Geoff Dixon who may not be very popular on these pages but does know a bit about airlines; an airline is a business where it is possible to operate in a monopoly, do everything right and still lose money. Anyone who doesn't understand that shouldn't be in the business.