Roobarb,
I would expect the second of your outcomes. It will be less than pretty and at worst, if the (mis)management don't handle it properly, will be the end of BA as we know it.
I would suggest that if we, as a group, do nothing then we deserve everything which is inflicted upon us such as the future loss of NAPS, Bidline and other lesser T&Cs. Therefore we should stand up for ourselves. We have nothing to lose.