I'll say it again, all three unions are falling into a massive bear trap. Shutting down 50% of Qantas is a reality and like I said before, it may seem like a radical move but THEY WILL DO IT if necessary, and when they do, the share price will start to rise. 98% of shareholders approve of the boards intentions and even though the board doesn't personally own all outstanding shares, 98% of all outstanding shares authorise them to run the Company and make decisions for shareholders, employees and customers.
Ansett all over again?? Well not quite, but for the employees that will be sacked, yes it will be Ansett all over again, most of whom are innocent hard working, dedicated QF employees who understand the simple concept that QF is now post 9/11, post SARS, post GFC, high Oil prices etc etc AND trying to operate in an environment full of heavily subsidised competitors. For the shareholders, it won't be Ansett all over again, because they own several other valuable portfolio assets that will soak up (in time) plenty of slack left behind by QF LH. Also, QF LH is not worth much today. In fact, some say the market is attributing a NEGATIVE value on the share price because of QF LH. If true, that should be a huge red flag for employees.
The market gap left behind by QF LH will feed Jetstar growth for years and make it an even more valuable and profitable business. The QF LH 'Shell' will still be owned by shareholders and those 'smirk' faced board members (as you call them) will inevitably re-start QF LH in some form or another without the menacing staff that I understand were present at the AGM yesterday.
98% of shareholders support the CEO. Take 1a's advice and do a deal, but time is fast running out. The damage has already been done, and its only a matter of time now before LH ops get seriously reduced and restructured which will result in big job losses.
No doubt, most posters on here will blame it on corporate greed (correctly so) but blind Freddy can see that some of the contributory fault lies with the Union leaders but they will NEVER admit that. They probably already know that their battles are fruitless, so rather than swallow their pride, they will fight to the end with member funds until members lose their union and their jobs.
Unless deals are done now, it will all end in tears, mainly for the affected employees and associated industry businesses but not the Shareholders.
Madness!!! Why fight an unwinnable battle?
NP