Why would anyone bother buying REX? Apart from some clapped out SAABs, what exactly are you buying?
A company that if you bought out the shares and sold the companies assets you would get your money back and possibly more.
However that's not the point, if you cant see the value of a huge regional network to an airline that has no regional network, then you are blind. Virgin tried to buy a Fifo operator to operate ATRs on RPT routes and failed miserably, maybe they learned that it would be better to sign up with the most profitable regional in the world rather than compete with it.
BTW the SAABs probably have a better dispatch rate than a brand new ATR at present, and miles better than QFs Dash-8 presently. Not bad for a clapped out aircraft.
On the hookup part, VA needs to buddy up with SQ again for the global connections. AirNZ is a waste of time and effort, SQ will reinvest in the company if it gets its act together as it needs the domestic hook ups for its own network, as long as they prove its worthwhile and get some synergies happening. The other problem with an AirNZ hookup is that will end up blocking real partners from getting involved, then you just end up with the same infighting with too many cooks.