So now the gameplan becomes obvious.
1. Grow the j* subsidiary rapidly.
2. Block SQ for another 2 to 3 years across the pacific,
3. sell j* to SQ or EK.
4. j* sale profit $$$ ---> mac, allco, tpg, onex
et al
5. Sell mainline back to public.
Simple.
The crucial bit here is that j* can gain utilise "Qantas Group" international rights, without being subject to the Qantas sale act.
See the QF IASC variation
HERE
Regulatory arbitrage.