All this of course assumes that EMX have the ability and financial liquidity to expand. If I had invested in them (which I have not) I would now be wanting a return on that investment, not more expansion and the costs associated with that. There is the constant rumour that they are still going through money rapidly but if they cannot make money now they never will.
The most likely scenario, sadly for passengers, is some sort of deal with Flybe regarding Manchester which in the short term at least (crew shortage) would probably suit Flybe.
Hopefully Flybe will commit themselves to the IOM and at least provide some semblance of competition. Even when they pulled out last time they did keep the BHX route.
What we do not need is another round of unsustainable expansion from EMX. They have done a pretty good job of repairing their reputation over the past 18 months and it would be a shame to spoil it now