RH is so right - there's nothing here to buy except debt and labour severance pain...for an EEA carrier, who has no barrier to entry on any BMI Euro-route. They are "Open Skies", all aircraft are encumbered, all labour and Corporate/Agency revenue accounts are mobile. So, say, BA, cannot lock up Fortress LHR, nor control an EEA route, by buying BMI's slots, nor secure additional revenue by buying its Marketing team. (Long haul, esp.Saudi, has value). MO'L at Ryanair declined to buy GO for just this reason - he could cherry-pick their turf at will. Virgin could do the same tomorrow, open-recruit labour and beauty-parade the lessor industry for lift.
Now, for a non-EEA carrier, an Emirates, different...but they each have Alliance links, such that, say LH would be peeved if SQ-as-BMI moved onto its intra-EEA turf. Before the Fortress was breached last year by US, the aim of the excluded had been Fifth Freedom, such as Central Europe-LHR-Transatlantic. That's what BMI's slots, such as squatted for Middlesbrough, were for, and why SAS/LH bought into BM(then)A.
LH, now junk, has got themselves into a pickle with their acquisitions (as did SAS and Swissair). BMI is no more/no less important to them than are Austrian, SAS...Their obvious solution is a short haul fleet with some such branding as...Eurowings, and to Star brand all long haul except ex-FRA/HAM/MUC.