Andrew. I wish I could agree with you that someone will bring Monarch back. I have a slightly different take on Greybull than the better looking Ian, as the FT article on the issue when Monarch went bust attested, operationally the airline's finances were a bit of a mess, but they were asset rich and cash-flow poor and the plug was pulled. Greybull suffered no loss.
Credit though: the contingency plan put in place to bring passengers home was excellent and credit to Greybull, for that particularly as it was reported that the stumped up a large part of the bill in the end (albeit under some duress) for the repatriation.
I think Monarch, as an UK airline name and definitely as a brand, is resting in the airline graveyard, ironically, located in the sky.