EPRman
I heard that story as well; my information is it originated from the boardroom of one of MYT's competitors! The CAA will not pull the bond as long as the Banks support the company. Remember the CAA is a private company and as such could find it's self on the wrong end of legal action by the creditors if it pulled the bond from a company that was being supported by it’s banks.
As I mentioned earlier in this thread there is a concern over the Bond market. This is the reason there has been a move to include flight only in the ATOL bonding scheme to make the market more interesting to banks and insurance companies. If the bond were pulled or MYT failed, many who provide that cover would no longer underwrite tour operators. In which case the tour operators would be forced to have the cash reserves to be allowed to operate. None of them could afford that in today’s market.