The business model isn't bad, it is just that EOS, Maxjet and Silverjet didn;t have the cash flow to keep them going while they bulit themselves up to a position to make money.
There is still a market for all business carriers, either those supported by majors with a ready made customer base, ie Openskies and the planned London City - New York route, or a backer with a huge amount of money to keep it going until it can make money.
And as has been said I think the brand is damaged now, especially if they want to attract more business travellers.