Qantas is being managed for the benefit of the MAJOR shareholders who hide behind nominee companies..and the major shareholders are New York based hedge funds - which is why the Board took its little trip.
Those guys are trying to extract the value from the company and award it to themselves. They tried once with the APA bid. They are now trying to drive the price down and frighten out the little guys, then take the business private. That is the reason the Board puts up with Alan - he is supposed to make it fail. Borghetti wouldn't agree to do that.
Of course what these guys didn't expect was that Alan is even stupider than they thought. He was supposed to sicken the company on their behalf, not kill it.
To put that another way, the folks behind the nominee walls are not benign passive fat and happy Australian super funds, they are Wall street sharks who don't give a toss about Australia.