Parsnip
I too am a cynic, but back to basics & from where does your concern arise ? This redevelopment of land issue probably arose from mischievous postings on this thread "way back" & circumstantial evidence linked to events at Sheffield.
The problem with DTV is that your early cynicism is actually becoming more of a self fulfilling prophesy. As I have noted earlier Peel Holdings (Airports) Ltd "Peel" recorded a £10M loss ( Mar 08) on turnover of £50M i.e. 20% which depicts a serious mess even in 2007 prior to the current market downturn. I am unable to comment as to whether Peel have addressed this loss though given that the three major cost centers LPL, DCS & DTV continue to trade (in DTV's case with less revenue) in what has become a difficult market with falling pax. & rising costs for security & APD then eventually something has to give.
An obvious business scenario to stem losses without any comfort of external support is to reduce no. of cost centers & reallocate resources available i.e. address the issue of disposals to refinance ( £48M debt falling due within one year ). Now I can't believe that Peel have not looked into this, whether a partial or total disposal is possible & as to what investment would be effectively written off. My guess is that this is simply not a palatable option, & with political implications & other local factors then things have been allowed to drift on. Now this is purely my take on the situation, but it goes someway to explaining the apparent disinterest & indeed inability of Peel to contribute further capital at DTV for airport related projects.
In the end though something will have to give, that is, unless the optimism (and depth of pockets) of the Peel Holdings main board as to future prospects in continuing to provide finance for its loss making airports subsidiary, incorporates a lengthy period of time way beyond that viewed by the contributors on this thread.