I was with AN myself for nearly 30 years, prior to going to Compass in 1990, and have very fond memories of that great Company prior to then, however this was definitely NOT the same Company that finally failed.
Even prior to Air NZ taking control, AN was in big trouble.
I was also with Southern Cross (Compass 2 as some call it) for all the time we operated, and after they ceased operations I had the very sad task of going out to BNE airport where most of the MD80s were parked waiting to return to SAS, to help the Administrator, he needed my advice (or advice from someone) about what on the MD80s was owned by Southern Cross as opposed to SAS.
Anyway while we were there he said to me this is ridiculous you know, after I have done all this there will still be some money left over, or at worst maybe break even. IF I was to go down there (pointing at AN) and do the same I would have to shut them down immediately. I asked him why, and he said that AN owned nothing at all, everything was leased, they had large debts and were only surviving because of the massive cash flow from ticket sales.
Turned out the man WAS right, just it took another 8 or 9 years to finally happen.
