Trader I think you are spot on with your assessment of what is happening to Gulf Air. If you don't allow the management to manage then they will not succeed, no matter who they are.
Secondly, if you are not willing to spend money to make money, there too, you will not succeed. It is painfully obvious that this is exactly what is happening, again. Everyone complained when JH sold off assets to move ahead, well guess what, once again GF is selling off what little they have left, the latest being a MCT-LHR slot for petty cash, why, because nobody is willing or was willing to invest the capital that is/was sorely needed to rebulid the airline.
Yes, the new management did have a plan which to all intents and purposes did sound OK, however they have been relegated to firefighting with one hand tied behind their backs.
In the end, I think the Massalama list will continue to grow to the point where there will be no other option than to start a small new operation, perhaps, Bahrain Air. I admit it doesn't have the ring of Gulf Air, but sadly I think that the name too will be relegated to the history books for people to reminiss on. Good luck on your travels!