...what will happen to BA/AA alliance prospects? Will/should they reapply for antitrust immunity straightaway? CO, NW, DL's objections to the alliance would hold no water, because they all center around LHR.
Furthermore, if Bermuda II is scrapped, how will airlines like CO, NW, US, and DL get into LHR? Will the EU scrap everyone's slot rights, and reappropriate them? I think this would be opposed not only by BA and AA, but also by bmi and UA.