I can tell you now MYT don't have an 800 million black hole to play with right now & if they do it's well hidden from those on the ground. The plush office in Rochdale known as Holiday House has been sold off to Zen Internet - MYT only now occupies 1 wing, instead of the whole building as most functions have been taken under the Thomas Cook wing with Accenture. There are actually more techy staff left in Rochdale now because MYT invested so much in technology that they cant really afford to let the knowledge walk out the door. Having said that, alot of people have been complaining that since the merger the IT internally has got alot worse as Thomas Cook take over responsibility for looking after bits of it, someone else looks after other bits and then start passing the buck.
It's the travel industry though and was it not ever thus? I've seen a fair few companies come & go in my career through mergers etc - they all have their transition periods and this, I guess, is just that in this case.
At the end of it all, they now have what I think is the largest travel group in Europe so they're in a pretty damn good market position, provided the cash keeps holding in the market consumer wise in the current conditions