Pedota - sorry but Steve Creedy is far too close to the institutions these days (
VB/QF et al) to offer any objective reporting. His story is so close to the
VB prepared release and the accompanying "personalised" covering email that it's scary. (sorry Steve I got one too)
Reality is that
VB Execs are in deep sh*t - Godfrey & Co has shot from the hip in more than one ASx statement - esp on the op losses for Y1 & Y2 of VOZ's ops and the propensity for
VB to cover it. Sandilands and others (for all their tendancy to look for the tabloid element) have been tracking it all and it's not a good posi for
VB.
There's an internal memo today doing the confidential rounds in the Brissie Exec bunker that underscores the reality -
VB can't make wages w/c 26/4/09 if the decay continues. Plus
VB certainly can't cover the VOZ op losses as reported to the ASX & the ever hopeful (wishful) shareholders.
It's a highly over geared biz that has almost zero NAV (nett asset value) to the point of not even owning the employees uniforms. As for parking 5 x 737's for "operational spares" let's not guild the lily - the lease agreements on the regos indicate otherwise.
Backing the boss, Tanner and the HR flunkies are desperately trying to minimise the damage by soliciting part time LWOP and xfer as many crew as possible to the less than appealing VOZ T&C's - they are bullying the Y gen CC into thinking that they can save
VB by sacraficing themselves and playing games with Capt & F/O appointments.
Baseline is that
VB needs to become a lean LCC again however those in the Exec suites have their sights set on a higher plane.
That word "pragmatic" continues to be used in
VB statements - it may well prove to be prophetic - it is at best a warning to all those considering betting their family, their endorsement and their future on management spin.
PS: The VOZ safety demo video is an absolute emabarassment to any professional pilot (and pax with half a brain) - esp the BS with a pax getting Branson to sign his book - in many ways this underscores the myopic mantra of the
VB Exec's and yet again shows they are grasping more foreskin than foresight.