But of course LCH! And they said it at the time! Albeit in a language that the punters were not supposed to understand.
Qantas has an enormous cash flow - all airlines do. Once you get your hands on that cash flow there is no end of wonderfully creative things you can do with it! Furthermore, the banks are not going to be too picky about a privatized QF (or its investors) if they want a share of their business.
Then of course there is the fact that all that money is in different currencies, and there is this delightfully non -transparent clearing house in Montreal where airlines exchange interline tickets and money. I wonder if the ATO ever got onto that? The best, most secret way of moving money around the globe.
Then of course there is the QF advertising budget... do you think the SMH would be running stories today on Allco if it's Chairman was on the Board of QF? Think again.
A successful APA bid would have fireproofed Allco.
It's an old tactic. When you know your business is shonky, try and buy a good business and then hide behind it. Allan Bond tried that three times. (Lonrho, Bell Corporation and Channel Nine)