No kidding, lol. I feel really silly right now.
Quick update: Usage with starling:
var placeHolderBitmapData: BitmapData = Decoder.decode("LKO2?V%2Tw=w]~RBVZRi};RPxuwH", 400, 200);
var image:Image = new Image(Texture.fromBitmapData(placeHolderBitmapData));
addChild(image);