I love all the speculation! I was there (LPA) and saw the aircraft take off.
There were only 2 (two) loud bangs consistent with a compressor stall, and there where no external flames after the 2 bangs. I was on the ramp, and heared the bangs when the aircraft was at approx. 400 feet. They left the gear down and flew a visual return to LPA. So all a lot less dramatic than being said in the press!!