Oh dear. Hubris stalks the land once again. First rule of life - don't return to what you did yesterday, particularly what you did last century.
If this IS a bmi buy-out, he will buy all it's problems. If this IS a new start up, it's usually best to not be the last entrant into a crowded, saturated market in the middle of a deep recession taht still has a minimum of five years to run.
Bad move. If I worked in the UK airline world, I would not take a job with this outfit.