Let's get real and stop all the emotion! Simple fact is that Euromanx failed, mainly because their business model didn't work. They weren't a no-frills airline yet they were trying to compete with one. If they'd followed Flybe's model (and Ryanair's) of generating significant amounts of subsidiary income then they may have been able to compete with Flybe's fares. But living in the dark ages of commercial management failed them. Staff were fantastic - and it's a travesty that the Board failed them.
But why should the Government get involved? What's it got to do with them? It's a free market and like all businesses - some succeed and others fail. And to lay criticism at the door of the Airport Director is crazy. She has absolutely nothing at all to do with the economics of running an airline.
We have to face it that the Isle of Man has only 80,000 people (same population as Worthing) and let's not forget that it was well over 10 years ago that Manx Airlines lowered its fares to London to £99 round trip (and that was before APD!). Today's lowest fare to London is well under £99, compared to the equivalent of £120 ten years ago!! And that's despite ten years of inflation.
So maybe we really have been "having it too good for too long" and a bit of reality is coming home to roost.