I do not profess to know a much about corporate affairs but something is puzzling me.
There are a lot of people on this forum calling for union and other types of industrial action against ANZ with the obvious intention of dragging it down with Ansett. So let me float the following scenerio.
Australian industrial action forces ANZ into receivership/bankruptcy. ANZ's current debt to equity ratio is currently much higher than is healthy. Big understatement. Their share price is at an all time low. There will be scarcely enough money to satisfy the secured creditors.
The unfortunate redundant Ansett employees who are owed their various credits, wages, benefits, etc will get nothing because they are unsecured. Whereas if ANZ were to remain a viable business they would at least have a chance of pursuing ANZ through the courts to recover the monies owing to them.
So, the very people whose action will force ANZ into bankruptcy are the ones who will cause the ex Ansett employees to be denied the legal recourse they might otherwise have had.
Now, please don't all speak at once, and tell me where I am wrong.