Not sure which multiverse your BG comes from but in this one he started the rot with the war vs Rex in the E-Jets, which marked the entry into highly unprofitable routes for the type. It was well known that
VB was floundering which is why JB got the lease to spend billions to try to align it with foreign carriers so that they would show some interest and offer capital injections, which eventuated and extended the life of VA probably another 8 years at least. Had JB not secured that alignment VA/
VB would have folded probably as far back as 2012, we have to remember how much capital SQ, AirNZ and EQ pumped into VA to prop it up. Two things signaled the end for the VA life extension to me, one was AirNZ pulling the pin and second was the sale of the head office for cash to support operations.
QF had assets, they have pretty much sold all the king assets off in the last 20 years and are leasing back key infrastructure. The sale of the land at SY was a big mistake in the longrun for short term gain, pft mascot land losing value??? again what multiverse are you living in. And the cash in the bank enigma, it not 'spare' cash its required cash to prove to debtors that they have the capability to maintain liquidity and service debts in short term disasters. They don't hold that cash for S&G they hold it because its contractually required, to keep the wolves at bey. Companies only carry such large cash reserves if it is a requirement of operation. It should give you an idea of the debt position they are in. I think a key difference between Rex and QF is that QF has been selling assets to prop up revenue, Rex has been investing revenue into assets that assist operations. Which is why the value of the company per share is so high and QF is so low. If you bought all rex shares and sold the company for parts you would get roughly your money back, of you did the same with QF you would be paying more out again to satisfy debtors and contracts after the sale of assets.