Having a bit of a bleak thought... are Flybe definitely going to launch ? One of the first lessons in finance is not to get emotionally involved and ignore what's already been spent. When appraising a project, ignore what's already happened as it can't be changed; think only of what cash needs to be committed in the future, and what return you expect on that yet-to-be-committed cash. If you expect a project to be a loss maker, it may be better just not to start the project at all and hand money back to lenders and investors... aka cut your losses instead of sinking further. A hedge fund will likely be very much aware of this concept