Livy, the syndicate will do the following:
1. Pay itself 3 billion in Qantas cash via management fees and a whole raft of other devices.
2. Come up with a great story about the "new" Qantas.
3. Replace the 3 billion by borrowing it from banks and super funds. a high yielding unsecured notes issue to the public would be another way.
4. Walk away with a Two billion profit. They don't need to give a flying fcuk about the airline once they have borrowed the cash.
This is the Bain Capital model beloved by mitt Romney.