The man from bmi has always said No! He wants to have his own grown up airline and will go to the end of (just about) anything to achieve it. As has been mentioned, he can do what he likes and it is the hard effort of individuals, like him, that moves companies forward.
As a mere pax I don't think that his plan will work. It might have worked 20 years ago but VS got the long haul first. From my point of view, I don't care whether VS join Star Alliance to get the code sharing and inter-line agreements, or not. BUT, if they [i]do/[i] then the rest of the Alliance had better make their FFM schemes as good as VS!
Prediction: bmi will stay as it is until Sir M. dies. This stretches beyond retirement as he will be on the board until he is either horizontal or incapacitated. That is not an insult!!!! It is based on observing his dedication to his company for many years and what I expect him to do, he will not give up.