@ Helmut Smokar
That said I'd certainly flog JQ before it's worth absolutely nothing.
Why flog off JQ? Repaint them into QANTAS colours, keep the staff and have a premium only product. There'll be no loss of passengers from QANTAS, they charge a premium price, and have a great deal of market share, dwarfing Virgin's. They could even keep the staff on JQ payments. They do it with Jetconnect from NZ. Pay local NZers local NZ pay, dress them up in QANTAS uniforms and fly in QANTAS coloured aeroplanes. Works a treat.
Why would you sell something you own, that has a great deal of market share? Let the others sell cheap tickets, because when there's not enough seats at the low prices, and you want to fly, you either don't go on your holiday, or you pay the premium and get a premium class flight.