Ring-fencing of slots via golden share mechanisms is all very well, but the whole thing falls apart if the operator concerned cannot profitably operate the slots. Paris Orly had loads of slots guaranteed for years for regional routes but they could never find an airline which could make any money flying them.
So the States has agreed a mechanism with Blue Islands to protect the slots. What happens if/when Blue Islands finds that it cannot make any money on Gatwick, either because Flybe ramps up its service or Gatwick further ramps up its fees and charges (which it did earlier this year at significant cost to operators like Aurigny). BI would either have to pull off the route (and lose the slots under the use-it or lose-it rules which are EU regulations and impervious to any agreement between Derek Coates and the States of Guernsey) or need a States subsidy to carry on flying it! Right back to square one.
The wonderful policy agreed to protect the Gatwick slots is not resilient to this type of occurrence and may well end up in a situation where the States gets itself into exactly the position which it was trying to avoid by buying Aurigny in the first place. The whole thing falls apart if Blue Islands can't make any money flying to Gatwick, and with the Gatwick owner's intention to continue escalating charges for smaller aircraft like the ATR, that is a very real possibility in the next couple of years.