Flightrider
It is well known that bmi short haul network has preformed poorly over the last 2-3 years (since the NBM was introduced,reducing the quality of service but not the price) the slow down in the UK economy since this time last year has been the killer punch together with the high fuel costs accross the network. I doubt very much that the Germans have had a nasty shock and whilst the value of what they are contracted to buy may have fallen, the deal is the deal, unless it can be shown that (and proven) that bmi have mis-represented the true state of the business.
This off balance sheet stuff is crap, there are many items that are off balance sheet because they don't belong there, lease's often among them and to be fair the value of slots in most companies, but not bmi who have included it with their boards and auditor approval
In operational terms this deal is done and it is just the respective shareholder's positioning over the money, neither want to walk away, niether can in any event unless someone has been very naughty, again unlikely.
The formal EU ruling will be out this time tomorrow and that will clear LH to go ahead with the purchase. Any loose ends should be sorted by month end