"God any better ideas into how to prevent Virgin Atlantic in following in the tradition of British Caladonian, Dan-Air-Europe and British Midland in ending up in a financial mess and having to be bought by BA? "
No - but there are no guarantees for any carriers in the current climate. I very much doubt that BA would be able to buy VS lock, stock and barrel without other players vesting an interest and/or fighting for valuable slots.
CB
PS. BALHR - Do you have a scanner?