Very interesting this situation. Toll's Paul Little is a ruthless operator and
VB essentially represents a potential liability of around $ 390 m for the company. (Based on the reported 626 m x 0.627)
The capital requirements of the new VA operation combined with the possibility of further required funding to sustain the existing domestic airline will mean some serious boardroom decisions at TOLL.
I wonder if TOLL and the other shareholders will come to the party to restore the cash position to something that will enable it to keep trading ?