Regarding captplaystation accounting.
The amount stated is total liabilities. Not counting total assets, which stand at 113 mio EUR. According to official preliminary report in September 2008. Yes there is a deficit (debt not covered by assets) of 60 mio EUR. But this does not take into account the "non-material" assets. Which?
I do not know another airline with such a fanatic following of customers. All voting Skyeurope the best E.Europe airline in "Skytrax" and praying that it keeps flying. To every airline there are postive and negative comments. Where are the negative reports for Skyeurope? Maybe 5% of the total? I wouldn't give them more.
One good and wise man, like M.O'Leary, has predicted in June that Skyeurope will be out in "a couple of weeks". He also painted 2 years ago, one of his planes with his "bye bye Skyeurope" wish. And Skyeurope still refuses to go bust? What a nerve!
Since then (summer 2008) despite the obvious downturn of the industry in whole, a couple of investors have each loaned the company 10 mio EUR. And not only them. Others loaned the company too. The airports, caterers etc. Maybe the personell? But yes! Maybe the customers? But yes, them too had loaned the company with 25 mio EUR (till September 2008, to fly one year from now).
Investors, providers, personell, customers, what is driving them to give away money?
Could World War III break out in the next few months? I belive not, so I bought myself a new car! Could Sky go bust in the next few months? Investors, providers, personell, customers think not, so they loan money!
That's only poor M.O'Leary against a lot of rich fools. Or there is a "non-material" asset, not shown in the balance sheet, which is collateral to all those loans. Carefully built year upon year. This is called "customer-personell loyalty". Which is quantifiable and can be priced-in.
Last edited by PeterPaul; 24th Dec 2008 at 02:13.