The Marks Cash In & Play Monoply with Ozjet
I would have to agree with you their Gaunty. It all seems very fishy. It's a wonder the creditors haven't all gone to the meetings and asked for an audit to be done on that administration.
I quite agree also with your switcheroo observation, this is very much the typical behaviour of a single entrepreneur who has no thourough background in RPT logistics and sees opportunities everywhere but cannot sew them together and so becomes grossly inefficient and misfocussed.
It's not uncommon for an administrator to lend funds to a prospective business to buy assets and as long as the administrator takes a charge over the asset there shouldn't be a problem in losing the asset for creditors. Unfortunately it does extend the administration with the loans then being sold to third party financial institutions who will discount them based on Ozjet's credit rading (not EAL's).
The big problem comes when the administrators start to deal with themselves and make returns without checks and balances. Therefore, the administrators may see that the advancement of the hangars to Ozjet is in the interest of the creditors and themselves. I think something like that needs to be put to a creditors meeting as it is a major asset and if I were a former Ansett employee I would vehemently object to this arrangement as it is too risky. It shares the same start up risk as Ozjet and I would be looking for a bank guaranteed security deposit of at least $200M for 5 years to be held in escrow to ensure former staff are at least paid out within the next 5 years.
I would have thought that the Ansett base would be more ideal for Jetstar or Virgin Blue or strong domestic/international Melbourne based airline. Letting it go to Ozjet would seem to be an absolute waste of good resources.
I am not sure what Ozjet's aim is with Adelaide, however, my view is that, Ozjet's financial position is driving much of this behaviour and I think there is grounds to be somewhat coy.