How can you say bmi baby have not been wiped out at MAN? They had a good concept when the low cost model first came out but they never differetiates themselves. They have pretty poor service levels, and could have gone down the Ryanair route or alternately down the high service level Jet2/Monarch route. They charge Monarch fares yet give a Ryanair style service, not a winning combination. Baby could have gone big style at MAN, they have had more than enough chances, there is clearly a Market with Jet2, Monarch and easyJet all having large operations. Perhaps if they had done they would have developed a business model that works.
If leases was really the problem, why not source aircraft from a different lessor. 733 lease rates have been at an all time low for the last two years, why not pick up some more aircraft?