Eastern's business has built from aquiring and turning round failing airlines, or parts of airlines that were unloved. Air Kilroe, Ba Citi express, J41's aquired from failed American carriers etc. E135/145's that no one else wants etc etc.
When pax numbers on the scheduled services dropped a few years back they shifted into charter work, picked up work overseas, set up a base in France and diversified. At the same time there was ruthless cost cutting, especially in the back office areas, to make sure the company survived. I dont think that sort of ruthless management existed at ASW.
If the ASW routes had been profitable then Eastern would have kept them. If ASW was a business with future, or some potential, then there would have been a queue of buyers at the door when SHH wanted to sell. There wasn't.
In the end, the only option was to give the ticket sale money, and the operation to Eastern, and let them extract anything useful before disposing of the remains.