We seem to have degenerated into a petty argument when really it seems everyone is agreeing. Doing business in Asia is different from western cultures; not better or worse, just different. Whichever way you look at it, QF have been played in their JQ Asian ventures. Through a combination of stupidity, arrogance and hubris they have managed to lose and continue to lose millions.
Jetstar Hong Kong has been terminal for months and MU's announcement just confirms it. If QF's auditors are any good, they will be demanding that Qantas write off their entire investment as part of the FY14 accounts because it is unlikely this money will ever be recovered.
AJ's pipe dream of an Asia wide Jetstar operation returning millions to QF is now shown to be the pipe-dream it always was. He could have made much more money properly developing Jetstar and reinvigorating mainline here in Australia. Instead, he has left these businesses moribund with little strategy and has been attacked from competitors who sensed the weakness. In years to come, people will get MBAs writing thesis about the mismanagement that has go on in Mascot.