Point taken but what has me confused with the level playing field smokescreen is that unless Joyce is hoping to find a benefactor (as JB has done) that is willing to fund massive losses until EY, SQ and NZ give up, he has to make the Company profitable. Pinning his hopes on a white knight arriving through changes to the QSA are probably all he has left, but it's unlikely he will find one that is willing to take on the deep pockets of Abu Dhabi and Singapore.
Selling the furniture is just a stay of execution, or perhaps a double bluff that if he refills the coffers through asset sales he will continue to fight the war of attrition, but that would be a massive gamble against the Virgin Shareholders.
The only way out is through profitability. Decreased capacity and increased yield.
The other aspect that I find interesting is the different strategies that JB and Joyce are following. JB is improving the product to attract market share, mostly in the high yield sectors. Joyce on the other hand has decided to maintain market share through increased capacity, with seemingly not as much emphasis on product.
JB's shareholders have backed his strategy by putting their money where their mouths are, time will tell if Joyce gets the same support.
Last edited by Vorsicht; 7th Dec 2013 at 20:12.