I think some of the stick the esk is getting here is undeserved. I am occasionally bemused by him as well, but in fairness he has been saying that the 777 takeover would not happen for a long time due to their precarious and murky financial...
Whether his prediction ends up being right or not, his logic is sound. Administration does look like the most likely route, simply by virtue of it being the easiest route of dealing with the debt