If scenarios a or b happen, then all is OK.
Under scenario c, what happens next ?
Leaving aside issues of personal pride, it may depend in part on how the deal is structured. Bearing in mind Virgin Atlantic is 49% owned by SQ and Virgin's acquisition appears to be supported by third party funding, bmi may effectively remain a separate airline with its own AOC in part for structuring reasons but also to keep Virgin Atlantic ring-fenced from any risk of the bmi merger failing.