Surely if stand alone, IAG would own BMI just as Lufthansa did and there should be no problem as it would just be an ownership change, but hopefully run in a different way! After all this did appear to be the option for IAG until WW persuaded IAG that BA/BMI integration would be a better way of doing things - as I understand it anyway.
The trouble is it would seem Lufthansa is losing whatever patience it had with BMI and would now choose the speediest option to cut the losses if no approval.
I hope Wolfgang has got a letter stating Lufthansa's intentions prepared for next Monday morning at the latest if this does not get past the EC, as rumours will be rife and nerves very frayed I'm sure.