Although NATS doesn't pass on dividends to shareholders - it is run on a "not-for-profit" basis after all - what cash is left over at the end of the day goes to manage the company's debts and therefore NOT for the investment it so badly needs.
All Tony Blur and his cronies have done is throw back over £100 million of of the £750 million they got for selling NATS in the hope that the problems and the headlines go away. (Fat chance!!). God only knows what's in it for BAA to have them bother to stump up their most recent cash injection. (If I had shares in BAA I'd be asking a whole lot of questions at the next shareholder's AGM).
Ryanair may be the first airline bitching openly about the current state of NATS but I'm sure they won't be the last.
Rgds
T3