Great post, I just want to suggest you change the above part. The quote below, provided by Stefan to me a while back, is part of the summary provided on page 26 of the CAS report. It suggests it all came from different accounts of Etihad itself, so ADEC may not have been needed to facilitate any of it.
"Mr Pearce explains that he understood that £8 million was available from the airline's marketing budget, with the remainder coming from Etihad’s central funds."
The only caveat, is that this is only what Mr Pearce understood to be the case. I'm guessing nobody from City's side or Etihad's corrected/contradicted this at any point during the CAS hearing(I suppose even if they didn't it doesn't mean he's 100% correct). I was thinking myself,that it was likely that Abu Dhabi itself had a 'central marketing fund' that could be used by all of their companies for any additional marketing expenses that arise. They probably do, regardless of whatever happened in Etihad's situation. I imagine it's the same with Qatar and Saudi, it just makes sense because they all invest a lot into marketing their brands.