Originally Posted by
Paragraph377
Absolutley. With their rate of haemorrhage the money being burned would have sped up week by week, but the alleged $1b in cash being almost depleted already, if true, is totally bizzare and not possible under normal circumstances. I’m not sure they would have gotten 6 months out of the $1b, but certainly 3 to 4 months would be the target, not 38 days!! Sounds to me like Paul, Keith, Stu and Elizabeth have been busy applying copious amounts of turd polish, and now the polish has run out it has exposed just how big the turd is! Meanwhile, Ill Deuche counts his $40m and his earnings from serving on the BAC Board, doing nothing while the airport has effectively come to a stop! It’s good to be the king.
Yes. So there's turd polishing and then there's sections 1308 and 1309 of the Corporations Act 2001.
I had always thought that the '
cash position in excess of $1 billion' had to have been a stretch. We know that their audited cash position as at 30 June 2019 was $1,740.0 m and as at 31 December 2019, it was $1,107.6 m. That's an average burn of $105.4 m per month over what is generally the better half of the FY. Given the fires in January and the international travel restrictions kicking in in February I just couldn't see them having preserved that $1,107.6 m for two and a half months.
Any old how, time will tell. Well, it should but having Captain Schettino back on the bridge of the salvage boat is at the very least perplexing.