As an 18 year Captain there I can say we saw the writing on the wall for months now, even before COVID-19 because of management's lack of vision and inability to attract and retain quality pilots needed to grow the business. Then the rug got pulled out and despite management's struggle to adapt to the current situation, there just wasn't enough financing to keep a 3 airplane 25 pilot operation going til things picked up... The holding company TSI held out for a better deal as several potential buyers made offers. Apparently TSI thought the company was worth more in liquidation than keeping it alive til returns on investments could be made. Go figure!
Perhaps the one and only accident in nearly 30 years of operation at Navy JAX also played a role since the lawyers are still circling the wreckage... Law suits pending! Good luck with that...