I think this issue is being over-complicated.
Going into administration allows the company breathing space to sort out; the problems with the CAA which now seem to be administrative, get creditors off their back (for a while at least) and for the Administrator (who is now in control of the company and to a great extent their future) to sort out the best deal for evryone all round.
This could involve slimming down to become more efficient (eg get rid of the ATPs which have been and are expensive and a change of what previously was a successful strategy),selling off part or all of the company (but remember Air Cons after examining the books last year decided not to go ahead but stand back and pick up the pieces which is now looking to be a wise move on their part) or simply liquidising the company.
The latter will probaly only happen if there is sufficient equity in the company ie umortgaged aircraft, buldings (if owned by Em), land (eg at LPL which will be worth a bob or two) and whatever assets there may be at BPL.
This could happen if at the forthcoming creditors meeting they all vote for it. They may prefer to take say 40p in the pound of what they are owed and run.
Niether AJ nor MOB have much say in the company now as it is being run solely br the Administrator who will make all strategic decisions.I hope when they examine the books they uncover the huge wastage due to MOB's crass decisions and controlling of the company. He should have remained at what he was good at, a ramp handler CEO he is not.