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They will only play that card if VA2 doesn't come into being.   At the moment, the shareholder's best interests are served by finding ways to stay afloat until either travel starts re-emerging, or if it doesn't until Bain walks away from VA2 (which is exactly when you play that card).  QF would be in a worse position if a Bain backed, disciplined VA2 emerged with government assistance (even if QF received similar assistance).