Can Air Maldives or Island Aviations forge a partnership with Emirates?

Air Maldives Ltd, the national Maldivian carrier which went bankrupt seven years ago, has filed and served a defense and counterclaim for the sum of US$43 million against the Malaysian Airline System over a management agreement signed in 1996. The AG’s Office is reported to have said that the counterclaim was filed because the Malaysian Airlines had failed to perform its duties under the agreement signed in 1996. Malaysian Airlines had last August filed an affidavit in the Malaysian Court against Air Maldives, claiming US$35 million.
While this tit-for-tat legal battle is going on, the love-relationship between Srilankan Airlines and Emirates has come to an unexpected close. The UL/EK Code Share flights would hence be terminated effective 31st March 08 and the last code share flights will be on 29th March 08.
Some commentators say that this is a good opportunity for Air Maldives to end its legal row with Malaysian Airlines and come out of bankruptcy and join forces with Emirates to forge a truly international airline in the Maldives. But other commentators say that this would not be possible as long as Gayyoom is in power, and as long as Bandhu Saleem is at the helm of Island Aviations.