What would an investor be getting if they bought bmiBaby? The brand is kind of pointless without bmi, the aircraft are all leased, old and need significant sums spent on them. Anyone can set up routes, so no real value there.
Most of the passengers now refer to the airline as 'baby'. This is also how the company wants to be portrayed, to show they are seperate airlines with bmi - British Midland. The brand is actually now very well known, obviously especially in the Midlands and Yorkshire areas but now more and more in Northern Ireland. They are also now (despite the small fleet) the most ontime low cost carrier operating from the UK as well as winning customer satisfaction awards.
Moving away from the bmi group, all baby would need to do is focus even more on it's 'baby' branding and use of 'Tiny'. Perhaps all they would need to do is replace the bmibaby with 'flybaby'. They also come along with an operating certificate, experienced staff and knowledge of the markets... so in my opinion, a good investment rather than setting up something new!