You're exactly right. For one thing, Thyme is hardly a 'shell' considering that it is the one being renamed as 'Flybe'. Besides, the title "...last ditch attempt for new operating licence" makes no sense - a new operating licence is not what's being fought for, rather it's the old one that's wanted.
I have also noticed the media losing interest since Farrell's departure, as they think that's the end for them. It's been said by others before, but all I see is a slimy fellow who realised he isn't going to make an effortless profit by heading up a regional airline.