In an article titled "Private equity warned about selling airline on" on p9 of the Financial Review for Thursday 8th March , the obligations in the "deed" are outlined. Most telling to me, and also the least surprising given typical management evasive double-speak, are the final two paragraphs and I quote;
'But lawyers said these last obligations had been drafted in a way which made them virtually unenforceable because they were contained in a clause which specified that they only needed to be "plans and strategies", rather than future facts.
One senior corporate lawyer, who declined to be named because his firm is involved in the deal, said these obligations could be strictly complied with provided that at the time of the deed, Airline Partners honestly believed they were true. But once the deed was signed, Airline Partners would be free to change its plans.'
Ummm. Where have I heard that before?
