Legal_Counsel
Classic herd behaviour.
The Creditors Committee is controlled by the ACTU using staff proxies, obtained on the basis of we are here to help you = we can play politics with this, otherwise we will lose a power base, and, who gives a stuff about the creditors even if they are our own members.
There is a very high probability that the airline would still today be flying had the ACTU not rejected and fired the original administrators.
The two prospective owners were not in the thrall of the ACTU and were in insisting on a reorganisation of the staffing conditions which would have seen off the ACTU .
Irony is that it is happening anyway and deliciously so, now that Corrigan has control of Virgin who stepped straight into the Ansett shoes.
The Marks approved either tacitly or implicitly the breathtaking fraud that was the Lew/Fox take over offer.
It was the Marks who kept the airline going at a significant nett loss to the creditors to enable the Bobbsey twins to make their play, with nothing more than a nod and a wink at risk to them.
Classic conflict of interest. The game was up the day I saw a media conference with the Marks wearing Ansett caps and talking about "their" airline. The language was unmistakable, they had been "captured".
It's a wonder the creditors haven't all gone to the meetings and asked for an audit to be done on that administration.
It truly is, but first they have to tip out the incumbent Creditors Committee, to do that they need to be organised.
They rely on the fact that the staff creditors are not the least bit sophisticated in these matters, anybody capable of leading the charge now will be in other employment. They are easily driven on to the guns.
It would take a brave and resilient set of individuals, because it will not be the Marks it will be the Labour Govt and the ACTU with whom you will have to deal.
They have IMHO been fed just enough to to keep em quiet for long enough to go back to sleep/get alternative employment and mentally write off the entitlements that have been transferred elsewhere, leaving the carcass still with plenty of meat on it, to be picked over at their leisure.
Besides its Melbourne.
The home of Elliot, Freddo, Painters and Dockers, Tricontinental and a huge host of other colourful characters who with panache, the wink and the nod, make the Sydney "push" look like absolute rank amateurs.
One of their favourite sons in the eighties, simply "stole" in plain sight tens of millions of dollars from an insurance company he happened to own, to get himself out of a tight spot, he now parades on the world stage philanthropising? and lecturing all and sundry on corporate governance. And you all thought that life insurance company funds were "safe".
Administration 101 says; you keep it alive for as long as it is possible to take fees, then at the instant that this is no longer possible;............."your administrators regret that it is no longer possible ...blah blah blah...it has not been possible blah blah....it is now time to wind up the company and place it into liquidation, which will be handled by our sister company"
which will suck whatever is left out of the bones. 