Knowing some of the ASW 'family' quite well I completely agree. Some of the nicest people I've had the pleasure of dealing with, many of whom really understand the ins and outs of this industry much better than the bean counters at SHH.
Talking of missed opportunities: It always puzzled me why ASW weren't expanding during the 'good times'. When BACON went to Flybe there were loads of Dash 8s going cheap and ASW could have carved a nice niche for itself on the ex BACON routes (especially out of BRS which BE all but abandoned). It seems that SHH were playing things far too safe. Taking on another aircraft or 3 definitely would not have harmed, evidenced by the fact that ASW have only very recently posted a loss.
Unfortunately, it is a precarious position to be in. If BE make the purchase, the outcome is likely to be less than rosy. However if some venture capitalists show an interest, the future will look a lot brighter. If people were stupid enough to finance Air Varsity, surely someone can see sense in investing in a well established airline with a loyal clientele?