Buzz L, the "speculation" comes from the rumour that when the final tranch of the bailout was handed over, Monarch management were allegedly told to make this bailout work and not to expect any more.
And they have now implemented an aggressive expansion plan, that they have brought forward from the planned timing in a greedy attempt to take Baby's capacity. Is this really ideal economic conditions for large scale expansion of an airline? And drachma-geddon is still yet to rip the Mediterranean economy apart.
Their main competitors all have significantly lower costs and much higher brand recognition. The trend is towards consolidation and larger companies dominating.
Without doubt, the entire pilot community wants to see companies like Monarch prosper. It unfortunately doesn't take a huge stretch of the imagination to see another outcome.