On 14 June 2007, Maxjet floated on the AIM market and raised £47.3m, net of expenses. Six months later it has run out of money. Load factor November 69% which is not that bad. Put this together and it tells you that the cost model is completely wrong. I'd imagine there's some rather angry shareholders out there.
American Airlines starting up on the New York - Stansted route a few weeks ago was presumably the final nail.