You are 100% correct. The people at the financial heart of the 'new' Flybe pulled off an asset stripping exercise and managed to dump their obligations to the BRAL pensioners in the process when they shut down 'old' Flybe.
Those who are cheering on the new company seem unwilling or unable to understand that those same financial wide boys are gearing up to repeat the whole process.
All of this is technically legal but morally repugnant.