How times have changed.

[Progress Wanchai]

NC,

The level of debate you raise this forum to is commendable and refreshing. Logic is hard to argue against, but argue I will. Your argument of what management may do moving forward is based on what you’d do, not based on how the company has acted historically.

Would you have;

Formed ASL?
Sacked 49 pilots for no reason then told the world why you sacked them?
Run an illegal Paris base then amateurishly shut it down?
Hired Adelaide instructors under an agreement then reneged after they’d done all the hard work?
Lost billions on fuel hedging, hold a press conference to inform investors in the future you’d hedge less and purchase stop loss insurance, then within years hedge more with no stop loss?
Participated in an illegal freight cartel?
Been in an industrial dispute for years with the unions leading to the training ban over what was essentially an argument over one flight to London being 3 crew or 4 crew?
Used a downturn to opportunistically tear up legacy contracts? (In fact on these very forums 12 months ago you argued management would tinker with amendable policies such as ARAPA rather than enforce contractual changes.)
Close all the bases within 2 years of the long awaited basings review being completed by the previous GMA and current DFO concluding that basings were an integral and vital part of the company’s future?

This list could go for pages. The point being, when is the last time management have acted as you’d have acted? It’s like being married to a completely irrational partner for 30 years then assuming tomorrow he/she will act rationally because that’s how you’d act.
That in itself is completely irrational.

All companies inevitably collapse, it’s just a matter of when. Are we witnessing a temporary downturn, a steady decline or a rapid collapse? A few years ago the HKAOA bought in an expert aviation consultant to look at the company’s past and present performance to predict how profitable the future would be. Needless to say he didn’t purchase any company shares as he left. This was pre-Covid. I suspect he’s still not buying.