That makes sense. Cease the flying that has been the bread and butter for the company, keeping it afloat for over 40 years, and focus on the operations that have dragged it into the mire.
Really can't see where you're coming from here. Monarch Airlines recently recorded an operating profit for the first time in many years, by operating a majority scheduled network.
Reading both the reports in Travel Weekly it seams clear the airline wants / needs to reduce costs, become more efficient, more focused on one market segment, and most importantly I think the stated aim is not to chase growth. Consolidation on a lower cost base, and getting better revenues by reducing seat availability looks to me like a very good plan. One benefit on not being publicly quoted with external shareholders after a fast buck, is that you can admit to not chasing growth without spooking the markets.
Long haul appears to have had it's day too.
The "new brooms" look as though they have seen what Flybe has been able to do, and to be following a rather similar course, though in a somewhat different market. I'd be fairly confident they have a good plan which will succeed, and that should keep Mr. Mantegazza in Maybachs for a while to come!