Cool down Tiger.
EY will survive, as will EK. Economical logic just dictates that with any kind of cooperation you would be well advised to keep the brand with higher value and market penetration. What's behind is another story.
A coming together simply seems the most viable solution in the upcoming storm even for ME aviation.
Dubai seems in a little cash shortage, AbuDhabi not. Etihad is still making considerable losses, Emirates works profitable. EK is a worldwide brand, EY might be known in the ME and partly in Europe, but even there it is widely mistaken for Emirates.
All this bodes quite nicely for a "Emirates United" which could consist of both companies.