If I understood Joyce correctly the company will be cash flow negative in the first 6 months of this financial year. With off balance sheet liabilities taken into account the company is very short of money which I think means at some stage they will need to raise money thru a rights issue which would have to be at a substantial discount to the present share price. Present load factors domestic and international do not provide confidence that Qantas has turned the corner and is anything but a train wreck waiting to happen. Why anyone would purchase shares in Qantas under the present management is beyond me. I think this will end in tears.