Parcelpuppy,
I think your history may be a little hazy. The Directors of Cougar Leasing Ltd did not start up Flyglobespan from the ashes of the defunct AD-Hoc/Cargo Airline at all. Flyglobespan was already a going concern at the time of Cougars possibly well planned demise around May 2003. They sold off the AOC to GSM and a few of the old GCR Directors and the former owner wheedled their way into various positions at GSM. I believe that most of them (if not all) had since departed long before the sad end of GSM operations.
Very bad time of the year for an announcement like this.