It's happened before and the cadets got placed with other airlines (don't quote me but I think it was easy).
I am at Flybe but I am in my notice period, I've got nothing to gain from dressing it up but my take on it is the biggest risk at the moment is the negative press and crew levels for next summer. Flybe do have a good business, revenue is stronger than ever however the cost base is way too high so something has to give and quite quickly. I think either Flybe or a new owner will be acting reasonably swiftly to strip out loss making routes and possibly bases. We're not that far away from handing back some more embraers which will save millions per year. I think they'll do a few other things too that I'll keep to myself. I know the rough figure that the CAA will pull the plug and all I'll say is we are nowhere near that yet. I think Flybe will be ok but I don't think they'll be recognisable as they are today. Just remember this is only my personal opinion and has no bearing on any strategies or anything that's coming from within.