Allan, you could be wrong but who knows, I don't think we have seen the last of this.
It will be interesting to see the next administrator report from EY to see if there is any detail on the sale to Thyme Opco. Did it even happen? The only press reports suggest that it was subject to confidential conditions (I can imagine they revolved around the likely-hood of retaining slots). Thyme Opco seem to have leased themselves a very old Dash, but so far, that seems about it. Did they go as far as taking on the operations setup and post holders etc, or were they just working in parallel with EY to see how things panned out? Flybe still exists with the same director/s and EY have just extended the administration period for three years (and 1 year from Connect Airways). Is this to give the market a chance to recover before they flog off the remaining engines and to claim the outstanding debts (Virgin still owe about 9M according to the last report). EY were trying to hold it all together as an airline and apparently still had a few essential staff in place to make it so. What happened to them? Did they go to thyme or are they still employed by EY? Regardless of what LF is up to, are EY still trying to sell it on to another party? LF may have been sticking around to see how the LHR slots battle was going but there were other major peak-time big-airport slots in the portfolio. Desperate times but according to their reports, EY still saw value in the whole bundle.