Ampclamp
A post from back in 2004 which I came across....
I do not believe that the Australian Government made any attempt to impede the deal with SQ to take News Corp's 50% of Ansett. That honour went to Selwyn Cushing.
At the time of Ansett's demise there were a lot of interesting bedfellows. At one stage QF themselves were having a tilt at AirNZ.
As to the relevance to today, there is none.
Sadly QF's "problems" are all of its own management's making.
I hate to ruin a good stoush so will go no further back in time than the late 90's.
Personally, I think our friend the Night Owl gives conspiratorial credit where it is not totally due.
Indeed Singapore plays a central role in this pantomine but for somewhat different reasons. By 2000 it had long become the HQ of one Brierley Investments, the major shareholder in AirNZ and therefore indirectly a major figure in the 50% of Ansett not owned by News Corp.
Air NZ had pre-emptive rights on the balance 50% of Ansett should it come up for sale.
News Corp wanted and needed to exit. They found a buyer in SQ and spent a lot of time stitching together a deal for AUD 500m that would ensure the recapitalisation and fleet renewal of Ansett and provide a footprint for the Star Alliance in Oceania.
Whilst I agree that AirNZ tried to blindside and outsmart SQ, this was only cobbled together in response to immense pressure from Selwyn Cushing and his fellow travellers who shared the same conflict of interest...namely being directors of both Brierley and AirNZ.
Air NZ,given the price they paid for the first 50% of Ansett, and through them Brierley, would have to make substantial write-downs on their investments (AirNZ in Ansett and Brierley in AirNZ) if the direct deal between Ansett and SQ went through.
Selwyn Cushing used his immense influence (and Brierley voting block) as Chairman of AirNZ to force AirNZ to bet the whole company.
Sure they banked on the NZ Govt to come to their rescue, and there was a certain amount of naive arrogance in thinking that SQ would pour good money after bad, but that all came after Selwyn Cushing (as Chairman of AirNZ and Brierley) decided to put HIS national carrier at risk to protect Brierley Investments balance sheet (which could ill afford to take a write down of that magnitude).
In my view the Hall of Shame is missing one potrait...and one that is very much alive and indeed very wealthy at the expense of
many.
Well he may be knighted but I suggest he be better stuffed and mounted in the above Hall of Shame.