Yes I totally agree with (b).
The company I think will just shrug their shoulders and get on with renegotiating something which fits into their agenda as best as possible.
As for the AIPA leadership: Well, it appears that the position of some of them must surely be untenable now. They were elected on a "promise" and they failed to deliver anything. Then after spruiking how good "their" EBA was, they were bitch-slapped all the way into next week.