Considering they only had two proper LH aircraft (A330) they made the operation work very well
kind of...
back in the days of the A330's both aircraft were chartered out to longhaul tour operators, a significant amount of flying in Summer was done for Airtours/Cooks etc and winter for specialists in India and MLE. None of it had to be marketed and sold by Monarch, once it was sold to the tour operators it was money in the bank and the risk is with the tour ops to make yields work for them. Often the flight is a loss leader for the accommodation you can sell on Longhaul.
That market has gone.
Either in house to the big tour ops, off to Emirates etc for routes such as India and MLE and up in smoke in the case of Egypt and Banjul.
If Monarch were to re-enter longhaul and do it off their own back they need to start from scratch.
Pipedreams are nice I guess. But people need to face facts. Starting a longhaul operation from nothing again would bleed more cash than anyone can get their hands on, and anyone expecting Boeing to sugar-daddy Monarch back into a sustainable existence reminiscent of past glories is deluding themselves.
The blame lies in the inaction of the previous management to do anything other than fill their own pockets. Too many ships have sailed. They need to find the right size and carry on doing what they do well and hope it works.