BA will never go completely bust. We owe too much money to Airbus, Boeing, leasing companies, BAA etc etc. Once the share price gets to a certain level and doomsday looms all the major creditors, other airlines (LH, AF, IB etc) will put there collective hands on their pockets and buy out a majority stake. WW out on his ar$e, negotiate ANY settlement and get the airline running again.
Particularly with all our 744 the leasing cos will be DESPERATE for us to keep flying them otherwise they'll have to park 'em in the desert. With 40% of the slots, nearly 10% achieved margin we will not be allowed by the money men to go bust.
BA2 will never happen as BA1 will never cease to exist!
ATB