A quick look at the BA balance sheet is interesting.
Privatisation was a great way to offload a public liability to the private sector, with enough inducements the
floated. Ahh Maggie a gift to Empire!
With that done and dupes holding shares, it was a matter a demographics; BA has always looked to the finance community like a pension fund with an airline attached. Suspending belief in the reality that what can't be paid won't meant brokers traded the stock up and down.
IAG offers Willie (second cousin of Alan Joyce) cost base leverage. It will be interesting to see how it plays out, but sadly privatising profits and socialising losses is second nature to the corporate these days