Sunfish
You are correct in what you say. If it were only the so-called 'capital invested' that QF shareholders stood to loose I would not be too concerned.
In reality that is the part of the iceberg above the water.
There is no doubt that the other 'equity' investors in the Asian ventures have been indemnified. The half-price sale of the JQHK A320's to Chinese interests is proof of that.
My concern is when and where does this turn up on the QF balance sheet.
But I guess by the time that happens Elaine would have already departed with his bonus.