Based on the 2009 annual report on the QF website, the asset backing of the shares is $2.54.
In other words, QF is trading at less than the value of its assets.
Airlines have huge cash flows and can make, or lose, a lot of money very fast, but this number is ridiculous.
One therefore has to ask if there is another buyer waiting in the wings? The APA bid failed, will someone try an on market raid?
Will Jamie Packer come in and take J.P. Morgans slice?
There appear to be wheels within wheels spinning around the way QF is being run, and I wonder if a deeper game is being played?
The APA bid revolved around inside information in my opinion. I wonder if the same players are setting up for a second try?
I also wonder if the ATO and ASIC have ever taken an interest in the IATA Montreal clearing house and what that means from the point of view of moving money around the world?