This is surely heart over head stuff. Mr Woodley sold his baby years ago and now is getting involved to try and stop it being closed down and not for primary commercial reasons that a.n. other investor would look at. The airline world has moved a long way from the mid 90s.
I know Scott Grier did something similar with Loganair when it was merged into British Regional but Loganair is pretty much where is always has been in a world that hasn't changed all that much.