I read this too on another Goa sub-forum.
There was no mention of it on the Monarch specific thread on HT.
Monarch is NOT just a charter airline, it also has a holiday arm (ex Cosmos) so I don't think comparisons with Globespan and XL (as in the BBC article) are really valid.
Monarch should be compared (as a business) with First Choice, Thomson and Thomas Cook.
I personally think it's irresponsible of any bookmaker to run a 'book' such as this.
Sorry -
