It would be a tough argument but may be worth it. The indirect ownership could be characterized as a temporary investment. That opens a whole can of worms for them with regards to the government and stake holding rules and taxes etc. They would fight tooth and nail not to be defined as a majority shareholder.

But yes, you are right in thinking we have effective control. This is the new world order, a few dominant ownership groups and multiple carrier brands.

https://en.wikipedia.org/wiki/Intern...Airlines_Group