You may chose to believe that there is a great conspiracy between the union and management and we've been sold down the river but it's starting to become clear how they've got to this point and I don't think either side had any choice.
It may seem foolhardy for NATS management to pick this fight that they couldn't possibly win but actually they had to. Given the choice of breaking the law and all the sanctions that would bring down on them as individuals or possibly taking the company into Air Traffic administration and just losing their jobs I know which one I'd pick. With the second they can move onto other things, the first would also leave them unemployed and probably stop them ever holding such a post again.
Similarly the union probably doesn't have any choice either. Yes on the face of it the controllers are probably the last unionised workforce with true industrial power but if they set off all that dry powder an awful lot of people, most of them also union members, are likely to get hurt in the ensuing fireball. Yes some of the Prospect members may have flame proof suits but others don't. You may think they've sold you out but I think they just realise the reality of the situation. They are conducting themselves for the benefit of all their members not just the few who are flameproof.
Having had a look at the Transport Act provision for administration I don't think bringing the company down is going to be the Nirvana some may think. NATS would probably remain a separate company run by a Government appointed administrator and still subject to price regulation. It will have to repay any money used to bail it out which effectively means cost cutting year on year and no investment in new equipment etc. Eventually that cost cutting will have to move to controllers because there is nothing else to cut. It'll take a bit of time but it will happen.