My guess is that Regent is being impacted by a number of different factors:

1) Operational integration issues (to reduce overhead and to achieve anticipated efficiencies) with Apollo/Oceania.
2) The necessity to reduce expenses during the recent economic turndown.
3) The loss of a significant number of key people in the operations area. The major strength of Regent's President is marketing - not daily ship operations.
4) Distraction and management time devoted to the recent ship rennovations.

The President of Regent probably has about a year to prove to Apollo that he can reach their revenue and profitability targets for their investment. Hopefully, he will and you'll also see more consistency in their product than was the case last year.