For a guiding precedent, just consider bmi and the startup of bmibaby. A classic example of what sort of "fiddles", unbelievably, the law seems to allow, including, if I recall correctly, the sharing of AOC as a single company subject to the promise of so-caled separation eventually!
As an example
See post number 463 on
http://www.pprune.org/forums/showthr...261214&page=24
What works for "contracts" with employees no doubt also works for "contracts" with airports such as Liverpool.