Originally Posted by
DanV2
Air New Zealand originally appointed PriceWaterhouseCoopers (PWC) as AN's administrators. Due to hostility by unions and other creditors, PWC was dumped in favour of Arthur Anderson who appointed Korda and Mentha (Both guys consequently left Arthur Anderson and formed their own company KordaMentha).
Yes. PWC were looking at the industry as a whole & whether it was viable to keep it flying. They surmised that the best chance for creditors was to wind it up immediately. If they had, we probably would've gotten more cash wise, and sooner naturally.
Originally Posted by
halas
As a union member in AN, l do not recall being asked about which of the big five (now four) would become administrator.
I suspect Arthur Anderson and the unions were in cahoots on a deal that would kick out Price Waterhouse.
This was too big an opportunity to let go.
And only with the unions blessing was this going to happen.
Obviously, after Enron and the wind-up, Ernst & Young were bringing in house the Anderson business,
Korda and Mentha were to put up $400k each to be a local partner, whilst bringing $65m over the next few years.
The rest is history.
Makes you wonder how much the union/officials/individuals got for allowing this to happen
halas
The Unions wanted it kept flying and in hindsight, we see that their power diminished in the workplace once it was gone. Staff are merely an afterthought to all of these 'players'.