I've no idea if you're right about the BAA directors, they did, after all, put out a lot of press and shareholder documentation about saying 'No' to the Ferrovial bid. And although a handful of them did very well financially out of the deal, a lot of senior mangement have since left and staff morale generally now appears low.
The bit that interests me though, and doesn't get widely reported, is that it was the City institutions that held most of the shares, and sold out, it was the City analysts, lawyers, bankers, finance houses, auditors etc etc who must have raked it in during the defence / takeover bid, and it's the same City boys who are again raking it in during the current re-financing exercise.....
......so it's a bit rich when you hear that London Businessmen and City Institutions are saying that Heathrow is damaging the capitals ability to do business. After all, it was the City that sold it to the Spanish.