Ansett - Korda Mentha

[evolante]

From the other side of the world, one is hearing murmurs of discontent from creditors of Ansett over the slow moving tactics deployed by the Administrators in selling off the remaining assets.

Anyone aware of any legal action being threatened against the Administrators??

[Dan Kelly]

Heard recently that an Australian operator of BAe146 type ;) ;) , having shown interest in acquiring a ferighter or two, were advised an exorbitant price and told;


as is
where is
NO INSPECTION
:yuk: :oh:

If true, one must wonder at the game plan of the liquidators; are they on planet earth??? :sad:

[Buster Hyman]

The murmur is a roar over here!

They are basically demanding unrealistic prices for old equipment, especially in light of brand new equipment sitting in the Mojave!

They are employing full time AN staff to maintain airworthiness of very same aircraft & keep the operating licence.

They have yet to pay 1 cent to creditors whilst the administration is burning millions a year.

They were in the top 5 growth companies last year & AN/KD was their only client!

Basically, they are quite happy to withold any funds as it prolongs what they can claim as costs for the administration.:mad:

[Torres]

But if a majority of creditors with a majority of value do not agree, the rape and pillage will continue...........

[skydozer]

Dan Kelly - I was involced in an Audit of the 14 Freighter that was stranded in NZ (Woodbourne) and can confirm that once the operator saw the condition of the aircraft they backed off in a hurry.

These are still good aircraft with a good working life ahead of them but the market is not what it use to be.

Get real and get some money to the people that deserve and need it.

[Buster Hyman]

If you read Pprune, I just want you to know you are an arrogant PRlCK!!!

The children are squabbling over the inheritance
7:30 Report 17/07/03

No, your grubby lawyers are! Get it right!:mad: :mad:

[fruitloop]

Buster.
I agree entirely with ya comments (plus I would add a few choice adjectives which would probally be deleted here) I wonder if his comment regards "All court cases would be finalized by the end of the year"comes to anything,I'm not holding my breath !!

[Buster Hyman]

Rough estimate is that the appeal decision would be handed down in October. Super trustees' lawyers feel they have a good chance of winning, in which case, will the administrators appeal that decision to the High Court???

Est. by the Super trustees for costs in the legal wrangling is $4mill, and that's only their side of it, I think!!!!:mad:

[Zaira]

I have kissed that money good bye when Ansett collapsed.
The two Marks must be laughing all the way to the bank. I'd like to find a job that will pay me $400 an hr. They all should be shot.
But then money never goes to people that deserve to get it.

[Sheep Guts]

Ive been out of the loop a bit. What happened to the 76s did thye get sold?

I heard they were the Only 76s around with FE positions, is that right?


Regards
SHEEP

[Airtart]

Can someone tell me why arent the Administrators or the Ground Staff Super fund chasing Air NZ for the outstanding Super funds?:confused:

[puff]

All of ANs original 767s did have a FE position sheep but they were changed over a few years before the collapse to the standard 2 crew arrangement, problem was they were 'hard wired' as far as the FAA goes and they cannot be put on the US register(so i've been told anyway). I believe the 5 originals plus 1 or the 2 2nd hand Britannia machines are the ones still in ML. Highest cycled machine has 36634 on it, highest hours(ex BY) has 61268 hours.

[Torres]

Zaira. $400? You jest!

Some of the hourly rates for a small town bit liquidator are in front of me: Junior $61.60; Typist $84.70; Clerk $96.80; Secretary $115.50; Supervisor $188.10; right up to Registered Liquidator $321.20 and Partner $418.00. And that's a small time Liquidator only, not those with addresses at the big end of town.

Unless you are talking about the office junior, I think your $400 per hour is a gross underestimate of the fees for a liquidator at the big end of town.

Let me explain how the rape and pillage works. You employ an office junior for around $20,000 per year with on costs. You then bill 36 hours per week, 48 weeks per year and get $106,444 return - which makes for a very modest profit of $86,444 per annum, or around 400% markup. Of course, when you get to the Supervisor, the profit is over a quarter of a million bucks per year. The trick is to get as many people working on the Liquidation as possible.

Having a cast of thousands all working on the liquidation, the next trick is to establish how long the cash reserves will last before you are forced to start selling assets to meet liquidators fees. Sell assets too soon and you may be forced to complete the liquidation and - help! no! - pay a dividend to creditors.

In time, you are then able to write a Liquidator's Report to Creditors that concludes with the words "I advise that there will not be a return to ordinary unsecured creditors."

And with the bank account and assets gone, there endeth another successful liquidation!

[evolante]

Sheep Guts (20/7/03)

The B767 aircraft have not shifted - in fact for some reason the KM Administration have hired a UK Company (Cabot Aviation) to remarket the B767's.

The B737's were queitly soold off around $4M apiece to Channel Express raising some $24M into the Administrators coffers. The spare engines are still spare and offered for above market prices.

The spares company I believe has been subject to an MBO with Adminsitrators retaining a stake.

Other assets especially the BAe 146 have bee subject to many offers over the last 2 years but are yet to sell similarly with the 2 remaining A320's.

[fruitloop]

I/ve just been informed about a report back meeting next week at Tulla Base.Been kept very quiet.I wonder what the new slant will be !!!