Surely the argument about whether it was a "put" or a "call" (it was a "put") is spurious, in the sense that, because the price was effectively fixed at the inception of the deal (give or take inflation indexing), LH will have always been prepared for either option to reach fruition.
Unlike the UK PLC, I'm sure they've put the money aside for that "rainy day".
As for asset-stripping, what assets have bmi got?
Castle Donnington?
