In my view, the problems here date from the unwilling approach of Sir Michael Bishop to go into parternship with BMI. This ultimately led his airline falling into the hands of the very company he strove so long to avoid, BA.
When I saw Sir MB hold out too long for his company to go where he wanted it to go - I thought it a prime example of pride before a fall.
The object of the exercise was for SMB to leave the building with the largest possible amount of cash. He really couldn't have cared less where it came from. In the period leading up to his departure the aim was to ensure that others subsidised the operation through the ECA until such time as he could exercise his put option with DLH.
He was a very successful businessman; not an empire builder; and probably has more in common with Michael O'Leary than anyone else in the industry.
YS