As you say DJ6, Baby & Regional are the more profitable (less loss making) than Mainline so should be easier to move on seperately although Lufty's choice would be to sell BMI all as one unit which I think they know is very unlikely (tried that 2 yrs ago) hence the arrival of the reconstruction bods to consider breaking it up.
This would leave Mainline which anyone would only want for the slots. The financial arrangements would be all down to how desperate Lufty are to sell and how desperate any other parties are to buy and outbid each other, I don't think that will look like feeding a frenzy though.
WW is just playing the long waiting game while his prey slowly dies, time is more than on his side, guess that's why he keeps saying "the ball is in their court, they know we're interested" . He'll wait either to see if & what anyone else bids or wait until Luft'y has finally lost all patience with BMI and are prepared to almost give it away to cut their horrendous losses and soothe their shareholders. Reckon it will all be a protracted nause with speculation rife.
So, after a couple of years here we go again, but one thing is for sure, it's not the long suffering staff's fault, the employer could not have had better. But they will all suffer whilst the big boys put us back in the toybox and go play with another train set.
Be interesting to see how they sanitise the whole issue at their next investors meeting coming up shortly but the board must be very p!$$8d off by now, we must be like a piece of sellotape stuck to it's foot. (Polite version)