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Can't agree with you on your rep's analysis of BA's position. Taking a financial news story from April 2009: "The British carrier's debt rose to 2.4 billion pounds, from 1.3 billion the previous year, while its cash position slid 483 million pounds to just under 1.4 billion pounds".
Now if you didn't attend one of KW's excellent briefings at Waterside, you may not be aware that most of that cash isn't ours. It's monies owed to fuel companies who give us credit. If confidence fell in BA's ability to pay it's fuel bills then they may call in the debt and we would have to pay 'cash' in future. It's that 'calling in' that has caused several airlines to cease trading.
Most staff groups agreed that action needed to be taken to get through the downturn, one didn't, perhaps they didn't realise how bad things were as their rep's declined BA's offer to look at the company accounts?