If only the board of Air NZ and the government had thought through the issues with a great deal more care several months ago, this situation of AIR NZ would not have arisen.
SQ was prepared to buy 80% of AN as late as June. Toomey got BIL to oppose this - why???
Allegations also of a bonus to Toomey of $300,000 are being reported on the media here in OZ this morning. This is gross corporate behaviour by any standard.
The government and people of NZ should be looking very closely at the assets of the directors, because they may be needed in the very near future if Air NZ does fold.
The share price is also reported as falling some 40% on opening.
I have a feeling that the latest bail out was based on a price of around 67 cents.
Where to now?