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AA, UAL, BA and Virgin will still control the prime arrival and departure slots. Many of the new carriers into LHR have paid top dollar for some less than prime arrival and departure slots. Its one thing to be able to get you there, its another to be able to do in the peak arrival, departure, and connecting times.
Excellent point - the Bermuda II Four may still have an advantage over the newcomers. That should make it all the more difficult for the newcomers to print money at Heathrow. The other day, it was reported that CO has spent in excess of $200 million on LHR slots.