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Old 13th Aug 2003, 17:18
  #92 (permalink)  
sore-foot
 
Join Date: Aug 2003
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Truth Seeker – the truth is still out there – buried somewhere.

Was in the pub with an old mate whose son happens to be doing contract work for TAAE at the moment – and he recited some thirty rumours and possibilities on the future of that Company. As you can imagine – I cannot remember much.

But firstly a brief summary of what I understand was reported at the creditors meeting held this Tuesday.

There are four interested parties to buy TAAE.

They are:

(1) National Jet
(2) Airflite (out of Perth)
(3) Qantas
(4) some unnamed party.

None of the bids were acceptable and the bidders will be asked to make a further more realistic bid.

The involvement of the administrators has been extended for a further 60 days.

One of the TAAE directors has been asked to further explain and justify the amounts he took out of TAAE and placed into another Company he owns. A couple of million involved – but some of this amount has been accepted as reasonable by the Administrator.

There may have been additional information – perhaps others can provide an update.

Then there are the more prominent rumours/news circulating around the place. As far as I can recall they are:

The Airflite bid is a cover for Patricks.

AaE are “pressurizing” the administrator to make a quick and cheap deal – with National Jet. To this end they have threatened to remove the indemnity for continued payment for the operation to TAAE. This has seen by the Administrator as a bully-boy bluff.
Although AaE have backed down (for the moment – while they look at plan D) they have obtained the withdrawal of one of the 727’s. But the ever cagey Administrator has put the aircraft to some other use – and secured short term work – not with AaE.

The identity of the unnamed bidder includes Singapore Airlines, Asian Air Express (operator of another B727 on the Australian register), a European consortium, Virgin Blue and possibly a local consortium (Fox and Lou??). But no mention of Aeroflot (pity).

That is about it.

Sore-foot
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