So you start with a healthy company, you mismanage it into insolvency, sending the share price on a one way trip to Worthlessville
So air NZ was mismanaged on purpose? Airlines fail all the time, businesses fail all the time, business is tough....especially the airline business.
you don't actually sell off it's assets as you should so investors can get a return,
If the assets of the company were liquidated you can guarantee it wouldn't be investors getting the money it would be all the other creditors first. Investors would be left with the crumbs if they were lucky....
If Air NZ was left to go under, Shareholders would have been completely out of pocket. Not to mention how much would it have cost the economy, and the tax payer, until another airline took a year or two before it could ramp up significant capacity to replace Air NZ?
So Air NZ has had a turn around and now has alot of money in reserve would you have preferred that they were strugging?