Interesting idea which would definitely change the landscape. It does seem Bain is gearing up to offload the polished.. I mean VA... so could work out (although I wonder if QR has learned from the folly of major investments in other struggling airline groups by a near neighbour ......)... so yes could make sense. VA could then go Avois too and make a great (ahem) three-way with QR and BA. Woo
SQ, AC, UA would likely be dumped.. so would QF then join Star? Hard to tell if NZ and SQ would be happy with that or not (remember that brief flirtation SQ and QF had around 10 or so years back iirc?)
massive upheaval if so.... I can't see QF going to SkyTeam and they would be a lame duck going it alone so.....
well... may we live in interesting times.