Yeah I think the Barca ship has sailed. Everyone in Spain says that Atletico will absolutely hold strong and have in the past so I don't know why Laporta felt like his standard method of using the press to try to break through would work this time. I still don't feel too optimistic that this ends with Alvarez at Arsenal but it's also hard to imagine what other options he has other than crawling back to Atletico and begging the fans for forgiveness. I believe Griezmann did something similar after his failed stint at Barca but he also had a lot more goodwill with the Atletico fans than Alvarez it seems.
One thing I do hope is that IF Alvarez comes to Arsenal, we as fans let this entire last two weeks slip from memory and embrace him as an Arsenal player. He's a very good footballer and if we support him as a fanbase, I think he will be an integral piece of a potential dynasty over the next few years. May be a moot point but that's my only concern with protracted sagas like this.