It is all explained in the EY report linked above. Flybe Ltd (in administration) has now had its name changed to FBE Realisations 2021 (presumably because they will continue to realise some more cash for the creditors by selling off the remaining unwanted assets). Meanwhile, Thyme Opco will change its name to Flybe Limited as they have bought the operating business, retained staff, IT and infrastructure to presumably run an airline called something like Flybe. Thyme have been paying the wages of the core airline since August and given the capable board they have put together with significant experience and competency, there is just a chance that this will actually be an operating airline. LF may well want to extract some of his cash at some point down the line but it doesn't necessarily mean just through a sell and dump of slots. The details of the deal are confidential but seem to involve paying a very small amount up front and then paying more to EY further down the line, if it all works out. There is no point in speculating about intentions until they start actually taking on staff, aircraft leases, advertising routes and selling tickets.