Monarch was always going to be in a difficult position once the low cost airlines became established. As pabley said Cosmos and later Avro were a good model, and Monarch also did a lot for flying for Airtours (who didn't have an airline in house early on). When they set up their own airline and merged with Thomas Cook, Monarch lost some of that work and unlike Thomson who also dabbled with low cost scheduled the Cosmos and Avro work was not big enough to simply retrench back into Inclusive Tour flying with seat sales just a bonus. It has been easier for the locos to move into their own holiday sector - all have now done this - most recently Ryanair as they have a lower cost structure. So I don't think I could of any better- either they need the investment to take on say Jet2 and win in BHX MAN and via LTN and LGW at STN, or in my view they need to merge. We'll see and of course we wish them luck. Incidentally the 737 "Max" could take on some flying we think of as long haul.