Thinking about the proposed takeover of Qantas, one wonders what in the way of assets is available to the raider to flog off quickly to make their target 20% Return On Asset.
Media comentators suggest quick sales of Qantas holidays, catering and Jetstar as netting around $3.0 Billion. Tidy yes, but there is potentially a much juicer prize,
$5+ Billion in investment funds sitting in
Qantas Super.
My understanding of the Ansett collapse was that the liquidators revalued all staff's entitlements for Super to provide the legal minimum, that is 9% since 1992 plus their own contributions, that's it.
The history books of US airlines since deregulation has been one of the shamelessly plunder the staff pension fund.
Could creative financial engineering & restructuring yield a similar revaluation, releasing a torrent of cash to the potential new owners.
I could be completely wrong here,
please prove me to me why this cannot occur, I will not be offended.
I just see this enormous pile of cash as too tempting for aggressive raiders knocking on the door.