I have a few views on this. Stelios is only going to drive his shares in U2 down even further in value, if it was real - he would have at least tried to get the most wonga he could for them beforehand, surely?
Another view I have is, he's of Greek/Cypriot descent, right? I'm certain the Greeks have a habit of defaulting lately, might not be a good time for him.
My more realistic view along with the view on the share prices are ultimately, he can pull the Easy branding plug if he wants. Buy BMI, dispense of the long haul A/C, dispense of the LHR and other major airport slots and use the smaller A320's and associated variations to compete with U2/EZY - why not? He can afford to do that and he'll probably make a killing in doing it.