OK, so where's the precedent here?
Serial starter of airlines - nothing new. If you've sold out your surname, just use your first name.
Compete against former company - happens all the time. But compete against an airline you still have a substantial stake in? That is self-destructive, it isn't like holding lots of brands in a conglomerate portfolio (Unilver etc), the airline biz is much to restrictive for that.
The low cost long-haul model has been tried, but they all ran out of cash. Is there any mileage in a premium short haul service, I don't see it myself.