Doesn't prove the model is unworkable. They subcontracted flying to dynamic and therefore could exercise little control over the product (and it's unlikely that dynamic will accept and offer to operate at a loss, even for a period of time) The planes were refurbished but old, not a premium product. King Air's burn 40% more fuel for 10 kts TAS extra and the same payload as the PC-12's. Twice as much engine maintenance.
Also only one route was available in the system and it was already served by multiple modes of high speed transit. Wade and the others are startup entrepreneurs, not savvy in the airline business which is why they were ultimately booted from Surf. Try to see the forest and not just the trees.