Compass went tits up because they were undercapitalised and started a price war they couldn't finish with an aircraft unsuited to their business plan.
It couldn't pay it's bills and as such it's aircraft were "reposessed" by their owners.
It was actually insolvent but kept trading . Some very inventive book keeping made it look otherwise. Hence the criminal charges against it's board members.
A lot of my family were gullible enough to buy shares in them - they , like thousands of others did their money cold.
No conspiracy theories stand up with regard to them , as with the Ansett collapse. Both good airlines but bad businesses and they both paid the ultimate price for it.
The conspiracy theories are just fairy tales.