Latest I can find on the baby money is a ruling on 06/05/2010 by the Court of Appeal which said that the damages should be the money the Airport would have received had baby remained and operated its normal services for the remaining eight years of the contract.
It went on to say that "if the parties can’t agree on the level of damages, the Court will determine the sum itself in a further hearing". The original judgement had been that the contract had been too uncertain to allow damages to be determined, as did not contain any details to show many times each aircraft had to fly each day or to which destinations.
Interestingly, the case seems to have been brought by Durham Tees Valley Airport Limited, described as part of the Peel Airports Group.