DJ 737,
Fundamentally, quite correct, under the TTMR Treaty.
In addition, it would be quite possible to bring in other aircraft, foreign registered and crewed, and operate on the Virgin AOC, as QF did (Canadian, as I recall) during the Ansett end game..
It seems to me that, industrially, Virgin management have done everything right, in contrast to the QF approach.
Tootle pip!!