As an Ex-XL employee I've been a little late on picking up some of the extended discussions on this sad demise .... but the following quote intrigued me
" . . . . it was the two banks that put the price tag on the business back in Nov 06 and effectively burdened the business with excessive debt . . . "
Maybe it's just a wild thought of mine but if you're looking to buy something (an airline in this management buy-out case) and you think it's overpriced . . . . . . . . then don't you just politely walk away ?
Perhaps certain management couldn't see beyond their potential new images as shiny new important airline owners, no matter what the cost ?
But of course the true eventual cost of this newly aquired self-importance ego buy-out didn't fall upon their shoulders . . . . the true cost was carried by the young boys and girls who subsequently lost their jobs.
Still, chins up everybody. Christmas is just around the corner
