In fact the agreement relates to the use of the "Virgin" brand in countries where SQ
has International services, not the pure use of "Virgin Blue".
It is not a matter of Branson owing more shares in VA, but a recognition that SQ
has a substantial interest in the "Virgin" brand in relation to air transportation. Use by another airline, in which SQ
has no interest, of the "Virgin" brand, typeface or colours, would be deemed to be "passing-off" in legal terms. This is a part of International Trade Mark/Copyright Law and is jealously guarded by the owners/licensees of the relevant 'Brand' or Trademark (Ask a few people who have used 'American' or 'Olympic' in their titles and branding and have been pursued by planeloads of lawyers).
Perhaps we may see "Pacific Star" yet!!!!