Airsupport,
ANZ's involvement with AN took away ANY chance of recovery from it's situation. It was "one of the world's great airlines" and was undergoing massive changes to get it back on track (under Eddington). ANZ exercising their right to buy, as outlined in Richard K's post, to beat their own chests was diabolical for AN - ANZ could not afford to refleet AN, which was desperately needed, and ANZ could barely manage their own operations, let alone a high frequency domestic operation and a classy international operation. ANZ got a hell of a lot more from AN than AN was ever going to get from ANZ. Sat up the front of an ANZ international flight? Very similar product to the award winning AN product - enough to make you cry really.
Cheers
Prado.