Update
Arrowhead, It appears you are correct. The whisper is CEO (FW) and Chief Commercial Officer (RC) gone. Chief Pilot (CN) resigned. COO (DL) to follow. With a hierarchy like that it is no wonder they had no commercial case to make that would have justified the existence of a LCC!
No doubt there will be much spreading of the blame for this shambles with the ex management in the bast traditions of failed airline managements refusing to accept any responsibility.
In the interim I do not believe that the poor pilots who were offered jobs have been given any official notification of what is happening.
The rumour mill has it that Air Macau and Air China will put in their own management very soon to persevere with the AOC application - presumably to try to get the services up and running whilst they complete the take-over.
Are they underestimating the time scale and the difficulties? Probably. However it gives a glimmer of hope for the current employees and the pilots in limbo. Let us hope that some phoenix can raise from these ashes.
The bright spot is that the new management probably can not be much worse!
Hailer