I have after reading the last few days of posts, have this to put forward.
The LHBD group has agreed to sell the BMI group, to the IAG group.
So my take on it is this, IAG owns BA and plans to integrate one of the three airlines from the BMI group, namely BMI into BA.
The other two airlines in the BMI group are not wanted by the IAG group.
As pointed out, if the LHBD group can not off load BMIR & bmibaby prior to the agreed date, then the payment from IAG is drastically reduced, or nothing at all.
The way l see it and l hope it does not happen, this enables the IAG group to shut down both BMIR & bmibaby. This is why the drastic reduction in price that IAG will pay.