Once an entrepreneur always an entrepreneur!
The press is fond of saying that Leblanc has a track record of 4 failed airlines, (personally I think Royal should not be included in the list) but what they fail to mention is that he keeps coming back. Any business is tough run and even harder to start. Most of the opinions about Leblanc are from people who have never run or started a business, so given his track record, I definitely wouldn't rule him out!
Intair tried a very regional strategy that made a splash but was not sustainable because the majors (AC and CP) weren't about to let an upstart get them on the YOW-YUL-YYZ triangle. Royal worked because he had as much business on the charter side as he did in the scheduled side, selling the business to C3 was IMO brilliant.
I think if he tries to go into scheduled service again, he needs his head read, but a domestic charter arrangement that utilizes TA's as a distribution channel might work. His pockets aren't deep enough to out market the big guys, but if he recruits TA's by incenting them to move budget travellers his way, he has a fighting chance.
Parnel and others have talked about the role a new SG might serve to keep WS and AC honest, but at the end of the day I think that is wishful thinking. A reappearance on major scheduled routes like the YYZ-YUL-YOW triangle will have the same predictable results as the last effort. I think a better role for SG is to go where AC and WS are not, and to provide service to communities that would either not have air service, or to provide service to destinations that would require several transfers. i.e. YQB-MIA, YQM-YHZ-MIA, YYZ-FLL (off season).
I never flew SG and I would likely never fly SG because there just wasn't enough of a value proposition for me to try their service. Yet I knew many who did and they found little to complain about other than the usual types of gripes that I hear about anything that flies.....some people seem to associate travel with glamour...
at the end of the day entrepreneurship, creativity and the guts to try are what keep the wheels of any economy turning. If he can raise the capital to get started again, I wish him the very best!
DF