All you state makes sense and cannot be ignored. On that basis, no outsider would ever want to buy. However, the current situation where FLY has basically stopped purchasing planes (they can't compete with the bigger players), and is sitting on a pile of cash with no dividend, and can't buy back more stock while the class action suits are ongoing, cannot be sustained.
Since BBAM is too incestuously related to FLY, they won't buy. Besides, BBAM is half owned by ONEX. I assume the latter is the only likely candidate to take over FLY - BBAM's fees and penalties would not be too much of a problem for them.
For several reasons (fruits of buyback, new accounting, etc.),FLY will probably beat by a substantial margin and that will result in an immediate bump in PPS. However, only a sale of the company or a whole new management team can ever get the price up substantially. One question I have: when does the FLY management contract with BBAM run until?