I'd be inclined to point the finger also at Lufty's advisers just before they signed the contract...Agreeing to buy a company far into the future for a price that bears little or no relevance to the strength of the company when it changes hands and when there are no guarantees that the company will be well managed between now and then only encourages the main shareholder(s) to do as much asset stripping in advance as possible
That would be LH's ex-CEO but one (and current chairman of the Supervisory Board) and the current CEO of Condor.
The Alliance Agreement was a horrendously optimistic document, based on PowerPoint presentations that were totally devoid of risk-management strategies. Or reality, for that matter.