IMHO there is absolutely no chance whatsoever of Virgin buying BMI. That then begs the question of why they are sticking their nose in at all? There are at least a couple of plausible scenarios outlined in previous posts.
If Virgin actually DID buy BMI, it would likely result in carnage for both workforces, because they can't afford it, and they can't turn it round without sustaining massive losses!! (Why on earth would SQ want to chuck good money after bad? and DLH have absolutely no appetite for allowing any mid east carrier into their own backyard!)
As it is, BMI could also be a poison chalice for the workforce of BA/IAG!
All will be revealed soon enough, in the meantime, enjoy Christmas!