Probably none. After all it was a management decision.
I think this is the entire reason why EY is still hanging in there, if SQ are essentially vetoing potential new codeshares, I'm pretty sure EY can see them having their tap turned off by SQ if EY no longer had a financial stake.
Given EY's financial situation, I think their Australian operations would be greatly reduced if they couldn't rely on bums on seats from VA's customers.
Having said that if SQ was to sell, I would imagine EY would be keen to do the same, so essentially EY an SQ are both in it at the moment, not wanting to blink because they know what the other will want to do.
Which does make people wonder. Was SQ the 'Real Culprit
" behind VA declining to join any of two available major Airline alliances all those years ago?? (prior to the consecutive years of losses and the eventual NZ spat)
While it may be understandable in SQ's case (VA's is theirs and the fellow shareholders (at the time) alone), it could be seen as "selfish" by analysts as some may see it as "stifling" further growth for VA if SQ were veto-ing all potential partners for VA all those years ago in favour of themselves (and their fellow co-owners). VX and DL were already partners prior to SQ and NZ getting involved in VA via equity, so it could be seen that there wasn't much the shareholders could do (to get 'rid' of those two) at the time.
I'm not sure SQ is necessarily stifling growth as a whole, they just want to make sure their interests are looked after, so if anything they would be reining in anything is seen to directly compete against it's own interests.
Whilst SQ, EY and HNA group have been around, we've seen:
codesharing on AC
codesharing on SA
codesharing on VS
expanded codesharing on HA
None of the above (apart from VS) hurt those with a financial interest, VA just needs to find a few more interested parties that it could work with that grow VA's reach but don't compete, or remove traffic from the shareholders, NH or PR maybe?
The other obvious one being if the DPS route isn't profitable, it's time VA should start having a few conversations with Garuda and dropping DPS.
Having said all that, they can't codeshare themselves out of a loss, EY is proof of that.