I can't see how SMB has "stitched up" LH?
They have a binding contract to buy SMB interest in bmi which was agreed years ago, SMB had no way of knowing when he entered that contract that the airline industry was going to face 9/11, $150 fuel and a world wide economic down turn, had things gone the other way i doubt that LH would have gone to SMB and offered to pay more!
There may well be a going concern clause, but even that won't cut any ice in an English court, bmi's balance sheet it very strong despite the £100m+ loss incured last year, even if bmi needs more capital it can always sell some assets (slots)
I doubt that LH could walk away even if they wanted to, they are contracted to buy SMB shares, of course SMB could release them from that undertaking by allowing LH buy out his option, eg give SMB say £300m and you can walk away, it might be cheaper for LH to do that!!
So i guess the saga will drag on a little longer for the long suffering bmi staff, but i can't see that SMB having much downside risk in playing it long, he seems to hold most if not all the cards.