guern123, you'll note that GR borrowed about £24m in 2007 to pay for COBO and VZON. Total outstanding debt at September 2012 was £15.1m - so the money is being paid back. The reported annual losses are after loan repayments. Given that the repayments equate to about £1.8m per annum, if these are excluded Aurigny is in profit. There is no 'open cheque book'. Media also reporting that a jet is on the cards for the LGW - this would further ensure the security of the link.
I think your concerns are a little OTT. Mark Darby has his head firmly screwed on.