At the end of the day, whether there is a Rights Issue or not the government will not allow BA to go bust, when so may of its competitors get state aid.
Notwithstanding that your point is somewhat contentious, if BA has gone bust because the cabin crew won't modernise do you think any new money, from whatever source, is going to be directed at your pay packet? You'll take a bigger fall from that than anything Willie is offering you! And you won't get to vote on it.
If British Airways failed it is as if Britain has failed. That is the problem when you have the countries name in its logo.
British Leyland anyone?