AIRSUPPORT, if that were true how then has the administrator been able to pull nearly a billion dollars out of the train wreck. This being in the aftermath of 9/11 when things were going cheap in the airline business.
That is an easy answer. Ansett had negative equity - debt greater than assett. When a company goes belly up the receiver simply sells the retained assetts and hey presto has instant money.
The back lash to this is all the creditors are then in a line for the hand outs. Just look at the employees of Ansett.
Having step children who are both recievers and a daughter who is fast learning to become one, they study the Ansett debacle as a text book case.
Ansett was simply a company that was out of step with the rest of the business community with regard to work practices, ethics, equity and management.
They had a cost base that resembled a third world communist country and management that would have been well received on a Russian Collective farm.
Today I can still see examples of this, in fact a well known travel brand has a balance sheet that should see them instantly delisted from the ASX, but hey they chaired by a founding member of the ASX.
Nothing changes and people will never learn - today's history is just a repetition past mistakes.