The problem may be the tangled web of ownership. Qantas has an official 49% stake, but is widely understood to have bankrolled the investment of their local partner.
So what happens when they want to sell their stake? They can sell the official 49%, but that leaves them with the choice of writing off the 51% the local partner officially owns, or keeping that silent partnership going. The second way leaves them with the majority shares and no control in a venture run by Lion Air.
I expect a complete capitulation and a book loss of hundreds of millions on what will be the second of many JQ exits. HK first, now this, next the other two followed by JQ Intl.
I cannot imagine that there is another potential chairman out there so inept as to allow this idiocy to continue.