Sunfish....I know what your saying and I too keep getting the feeling that aircraft is just attempting to bait us simply because his arguments are absurd.
In fact I don't mind at all anyone having a different opinion and look forward to a sensible and rewarding debate but aircraft's posts not only make no sense but contradict themselves.
Here is a perfect example....
There is no such thing as "knowing" what the true value is. There are opinions on the value - that is all. The sharemarket had its opinion, whilst APA, via a different valuation methodology, had arrived at a different opinion. As I said above, the opinion of MJ and the board would have been different again, and most probably favouring a value even higher than that of APA.
as well as this one...
It is an absolute certainty that the Qantas board and executive valued the company much more highly than the share market at the time of the APA bid. They probably still value it much more highly than the sharemarket.
Aircraft.....That certainly may have been the case but ......why then would they recommend to shareholders that they sell their shares for less than they (the board) believed they were worth.
Your arguments are not only flawed but contradictory......