Poor as their showing has been, this is likely the worst possible time for a Tory leadership contest. Brexit is in disarray, why make things even worse for themselves? But typically the Tories turn on their leadership. To make matters worse, they have no idea who would take over leadership, mostly because nobody dare confront her.
If the challenge goes ahead there will be two possible outcomes:
1. May wins, heads will roll, support for the party will vanish
2. May loses, and not only confidence in her leadership will have gone, but in the Conservative party.
What of Brexit? That was never going to happen, anyway!