The 747s were bought at very advantageous prices from BA
- IIRC if they (EAC) had scrapped / broken the aircraft for parts immediately after purchase, they would have made a profit on the transaction.
Of course there was another side to the deal - the aircraft from BA
were all getting close to needing expensive checks and maintenance.
A key factor in the troubles that EAC endured was the loss of the Travel City tour operator contract they had - EAC's 747s were contracted to operate a lucrative series of charters from the UK to Florida.
However, the deal allowed Travel City to end the contract at any point and without notice or financial penalty, and when Air Atlanta came up with a better deal, that was what they did.
This of course left EAC with aircraft and crews they had no business for.
Soon after EAC's financial troubles were all too evident.
Subsequent to this, EAC reduced the number of 737s and 747s they operated, and although the 747s that remained were contracted to Corsair for sometime, once this contract ended the airline ceased operating the 747.
I don't like signatures...