Yes thanks pholling
There are two dates that reveal what's happening. By 22 Feb the deal to sell the airline "Flybe " to the consortium should be complete. This sale is being mounted by the group, Flybe PLC, which is selling all of its assets and will then exist as nothing more than pieces of paper on a desk.
If shareholder approval (that's shareholders of Flybe PLC not the airline) isn't forthcoming then Flybe PLC will be wound up. No effect on the airline as that will be owned by Virgin/Stobart/Cyrus.
As it stands the shareholders have a stark choice - get paid peanuts or nothing.