I believe that there was / is a deal structure well negotiated. VS genuinely do seem to believe they are still at the negotiating table over the past few weeks and from what I have heard they genuinely have backing now from the Middle East to underwrite the transaction and losses of picking up bmi. As was mentioned by Prospero the silence from them is quite telling.

Even if they aren't successful in derailing the IAG bid, they have potentially done LH a favour in helping their negotiations on some of the areas that were still under discussion with IAG.