Something occurs to me.

Why did the Steam Racket not keep the Lady and refurbish it along the same lines that the new owners have ?

To make it worth while for the new owners I'm prepared to bet that the Steam Racket sold the Lady at a knock down price. ?

I know a shipyard not 3 hours sailing time from Douglas that would have tackled such a job.

I bet they've even fited new engines to cope with the increased tonnage and capicity.
Why could the Steam Racket not have done that :?:

Instead they have an unbelievably unrelialble fast ferry that runs on half speed and is always late.