SpoilerFloat,
And there is what is wrong with the industry generally. Someone like you and obviosulsy NL who think they can incur costs and then walk away. The debts are NL's no matter what company is involved. It needs to come out of one pocket or the other.
The reality is what we have here is NL and co incuring debts on the basis that they can walk away because it is a limited liability company structure. They are just using structures to support and protect themselves to the detriment of others. The creditors did not agree to provide working capital.
The concept that he took over the debts of Ozjet as alluded in some press is farcicle. If he had paid for the company without the debt, the money would have come out of his pocket and then Stodart would have paid the debts. This is a case of where those creditors have been used as a form of financing without any say in it. It is almost certain that NL could not put his hand in his pocket to pay for the company outright.
As to it being CASA's fault for not putting the 727F's on the AOC, give me a break. HL has been a flag of convenience operator all along. When the Seirra Leonne option closed out what did NL do. Go and get an AOC in the Phillipines another leading light in the regulatory world. Why not Australia at that point if there were no shortcuts taken. HL is without doubt Australian Based. The fact that CASA and the Aussie Government permit this is the disgrace. The fact that Defence even charter them (and others in the same situation) is beyond belief.
This whole business model that you refer to as being great is in fact almost immoral. At the very best its uncompetative and does untold damage to the viability and sustainability of other operators and hence jobs and security of jobs. The business model that you incur debts that you dont pay because you have a structure that lets you compartmentalise your liabilities without recourse is also immoral.
To be here on your first post supporting this is amazing in itself.
...Spray Finished....
You have a good day