To my cynical commercial mind, the answer to this is clear.
Stelios has been having a shouting match with the folks who run easyJet for months now, and NEDs/EDs have been caught in the cross fire. He is clearly not happy with the way the board is running the show.
Now - if he starts huffing and puffing about easy2 - the Sequel - the other investors may well take fright, and start off loading their shares. Stelios has 38%. Let's assume one of his buddies has 10%. Get the other investors to sell, get the share price down, buy 3%, hey presto, it's his airline again. Then announce that the whole fast jet thing is a smokescreen, 'I looked at it in some depth and it wasn't the thing to do' etc etc, let it die a death.
As for a vehicle to take over baby. No. My guess is that if someone wants to sell part of their company, they will want a buyer who is not going to be mired down in legal fun and games for the next n months, whist the losses tick on and have to be supported.
Stelios does have covenants defining what he can and can't do, and setting up an airline in direct competition to easyJet is on the bad boy list. In any case, why would he really want to destroy something he owns 38% of?
TA