It sounds to me like BMI is ripe for take over. Evidence:
1) Management has admitted it was in the wrong boat - by expanding into longhaul and low cost markets, it has declared that the traditional business does not offer the best prospects going forwards
2) Management is not dealing with the most pressing problem - as a previous post said, premium passengers do not choose BMI first, and nor do loco passengers. If management doesnt make its mind up about the traditional business, it will gradually die and cost buckets of money on the way - potentially taking the other businesses with it
3) The LHR slot issue - Each slot "pair" is worth GBP5-10m.
My strategy would be to somehow boost near-term figures, talk about great long-term prospects for Baby and Long haul, and then sell to anyone who will pay significantly more than the slots are worth. If they dont sell, or dont change management/strategy and deal with the traditional business, the whole lot may be doomed when the slot money runs out.
ps there are about 1000 unemployed frozen ATPLs (not all of whom are muppets) who would kill to get on the ladder with a FO job at BMI - and would be very happy just to have a job and would not expect to be paid much (I am one)