Count, firstly may I start by saying that I agree with one of your points, that is, to blame BALPA for Monarch's woes is patently wrong. Indeed the current CC have done a great job trying to preserve as many jobs and some of the T&C whilst ensuring, hopefully, Monarch continues to trade.
Where you are way off the mark is your assessment of the business model Monarch operated under. This was never a conventional listed company, it was a private company whose only purpose was to ensure that the group benefited from its activities. For example, operate airplanes for years beyond the 'normal' LCC model, such as the A300 which underwent 20 year checks providing millions for the group , then within a couple of years they are scrapped ! The complicated ownership of the airplanes, which meant that the assets never belonged to the airline and even though the airplanes were very old, high lease rates were still being paid and the maintenance costs were high...but who benefited from the extra engineering required ......
There has been a huge turnover of MD's in the last few years, ask yourself why they left ??
Hopefully for all the great people left at Monarch, I hope the new ownership will result in a more conventional company which can make some money for the new owners and keep lots of people in jobs......but it won't be without its challenges !