To be more accurate, Flybe gave up the LCY operating when the Q400s replaced the BHD based little dash. Then Euromanx effectively leased the slots from Flybe for a while but that stopped and the slots reverted to EMX sometime last year (I think, but can't be certain).
Thus the value of EMX was the value of the slots, plus the freehold of the building they were in and their debts were far in excess of that value, hence no buyout.