That would be the logical and the economically rational way for things to pan out (especially now that Qantas has a 20% blocking stake in Alliance). Unfortunately in the airline industry reason/logic and good business sense seems a bit elusive. Surely even Bain can see the logic in this, sure they want to be a B737 single fleet airline, but when they want to sell it off won't it be an easier sell if they have a co-operative partner to fly the stuff thats not big enough to justify a B737 service? At the moment why would you buy Virgin? Its a shopworn brand in an industry that destroys capital with a larger established competitor (the Qantas Group) that has no unique seling point, why buy Virgin when you could lease your own narrow body jets and set up the business from the ground up without all the legacy issues?
Pretty much everyone in the industry can see this, and its as plain as the nose on your face, except for the upper management of VA2/Bain and Rex who just can't quite connect the dots yet.....