I think that Sir Richard should cut his losses. Virgin Sun should be shut down or sold off. Virgin Express should be reconsolidated and made more efficient. Virgin Blue is still in its infancy, but if VS were to open a LHR-SYD route it would be helpful. You could then sell tickets to connecting passengers. VS's expansion plans should also slow down. The current fleet is being taxed at a very high rate and even the deliveries of the 7 744s won't really bring down the "pressure" on the airframes. I understand that an airplane is not making a company money when it is on the ground, but the 742s, 744s, and A340s are being run into the ground.
"History does not long entrust the care of freedom to the weak or timid." D. Eisenhower