Patrick has cotrol of VB
Thread Starter
Patrick has cotrol of VB
Just watching the ABC news and they announced Patrick has the controlling interest in Virgin Blue at 50.3%. Checked the Virgin Blue intranet and there is nothing there at all about it. I was under the impression that VB staff was supposed to be informed before the media 
Join Date: May 2002
Location: sydney
Posts: 50
Likes: 0
Received 0 Likes
on
0 Posts
Yes young Buster......another bit of your reputation slips towards the ranks of a bitter GA pilot with non thought out comments !!!
what a pitty !!!!
This news can only benefit the pilots with the upcoming EBA. THe patrick owned Engineers in Sydney are now on more than they were with Ansett. Corrigan has a rep of playing hard but rewarding the skilled workers and taking from the unskilled. ie...FA's, bag chuckers etc etc ( the former burger flippers!)
time will tell I guess. Virgin Pacific just got a little bit closer too I think!!!
what a pitty !!!!
This news can only benefit the pilots with the upcoming EBA. THe patrick owned Engineers in Sydney are now on more than they were with Ansett. Corrigan has a rep of playing hard but rewarding the skilled workers and taking from the unskilled. ie...FA's, bag chuckers etc etc ( the former burger flippers!)
time will tell I guess. Virgin Pacific just got a little bit closer too I think!!!
Last edited by PureRisk; 19th Mar 2005 at 00:47.
Join Date: May 2002
Location: Permanently lost
Posts: 1,785
Likes: 0
Received 0 Likes
on
0 Posts
Now before you all get too excited, Patricks have made a full takeover offer. In fact, because of their already large holding they had to make a complete takeover offer. 50.1% is not enough.
In fact as I said on another thread, Patricks need 90% of the shares to complete their takeover (to be able to compulsorily acquire the remaining 10%) and they cannot count the 20% belonging to Branson (even though they are in a partnership and normally that would count in any takeover offer).
The Corporations Law is rigged in this way to prevent a large shareholder (such as Patricks) from being able to buy only a small amount of shares and then being able to control the company.
Now my memory gets dim but I think if Patricks fail to get the 90% he needs to be able to complete a full takeover the shares he has got to date have to go back. Someone who has done corporate law more recently than I ever did may be able to contribute more.
In fact as I said on another thread, Patricks need 90% of the shares to complete their takeover (to be able to compulsorily acquire the remaining 10%) and they cannot count the 20% belonging to Branson (even though they are in a partnership and normally that would count in any takeover offer).
The Corporations Law is rigged in this way to prevent a large shareholder (such as Patricks) from being able to buy only a small amount of shares and then being able to control the company.
Now my memory gets dim but I think if Patricks fail to get the 90% he needs to be able to complete a full takeover the shares he has got to date have to go back. Someone who has done corporate law more recently than I ever did may be able to contribute more.
Join Date: May 2002
Location: sydney
Posts: 50
Likes: 0
Received 0 Likes
on
0 Posts
126.7 asks "are you suggesting that just because FA's and Bag Chuckers did not learn to fly or fix aircraft, that they are unskilled?"
IN one word YES !!!! thats is exactly what I am saying.
But for yourself and others who are a bit slow I will explain further.
FA's , bagchuckers, check in people, cleaners etc are not jobs that you have to have specific training or experience in prior to doing those specific jobs. They are jobs that anyone of sound mind can be TRAINED to do when they are employed. Pilots and engineers ARE prior educated, experienced (some more than others
) and trained in their field prior to being able to apply and employed for their jobs. That is the same case as lawyers, doctors etc etc.
No one from MCDonalds can rack up the next day and apply and then be trained for these jobs like you can for FAs, bagchuckers etc...... DO you get it now???????
This is in short by defintion what the term SKILLED WORKER is.... not by me but but general work industries. And as I said before Corigan has a history in his other enterprises of recognising what a SKILLED job is and what is not and then subsequently renumerating a bit more fairly the formentioned jobs.
IN one word YES !!!! thats is exactly what I am saying.
But for yourself and others who are a bit slow I will explain further.
FA's , bagchuckers, check in people, cleaners etc are not jobs that you have to have specific training or experience in prior to doing those specific jobs. They are jobs that anyone of sound mind can be TRAINED to do when they are employed. Pilots and engineers ARE prior educated, experienced (some more than others
) and trained in their field prior to being able to apply and employed for their jobs. That is the same case as lawyers, doctors etc etc. No one from MCDonalds can rack up the next day and apply and then be trained for these jobs like you can for FAs, bagchuckers etc...... DO you get it now???????
This is in short by defintion what the term SKILLED WORKER is.... not by me but but general work industries. And as I said before Corigan has a history in his other enterprises of recognising what a SKILLED job is and what is not and then subsequently renumerating a bit more fairly the formentioned jobs.
Evertonian
Well chaps...we've outed another one! PureRisk Dear oh dear...where do I start. Research, research, research. A bitter GA pilot So wrong it's funny...no really!
Reputation! How dare you sir!
Dare I start down the path of the value of an Engineer over the value of a Pilot? Big can-o-worms that one, but if Engineers are being paid well, then all is right in the world. I wouldn't put too much faith in the EBA talks if Corrigan has a greater say in it! Oh well, not my problem.
burger flippers Now, you're either talking about the Fillet-o-Fish, or you have absolutely no idea. Those FA's & Bag chuckers play a more vital role than you give them credit. If you don't see that now, you never will, so I wont bother wasting my precious 56k connection explaining it to the likes of you.
Pilots and engineers ARE prior educated, experienced ... and trained in their field prior to being able to apply and employed for their jobs. What downright arrogance! Your irresponsible attempt at a generalisation is the kind of attitude that denigrates the entire Tech Crew community. If you ever dare to grace a bond store in MEL, why not pop in to the Menzies one. Ask for a Loader named Michael and ask him what type of licences he holds.
Do YOU get it now???????
Join Date: May 2003
Location: Skylab
Posts: 441
Likes: 0
Received 0 Likes
on
0 Posts
Corrigan sees an opportunity to make a quid. At the moment Virgin is bleeding in certain areas. He'll consolidate the business, where Bratt Godfrey wanted to expand beyond it's means in an ever increasingly competitive environment. Simple as that.
Purerisk, how has Virgin Pacific got a little bit closer? My understanding of Corrigan is of a merchant banker who would prefer to consolidate the business rather than outlay huge capital on a route that quite frankly, three other airlines are hammering to enter and may likely get over any Virgin attempt.
I find it hard to beleive that any employee group is safe to be frank. They could all be shafted in some way shape or form, not just financially.
Finally Purerisk, we have by your definition of a skilled worker, a gentleman working in our ops section as a crewing guy - he was an ex Concorde flight engineer. Not just your average Joe Blow hey?
Purerisk, how has Virgin Pacific got a little bit closer? My understanding of Corrigan is of a merchant banker who would prefer to consolidate the business rather than outlay huge capital on a route that quite frankly, three other airlines are hammering to enter and may likely get over any Virgin attempt.
I find it hard to beleive that any employee group is safe to be frank. They could all be shafted in some way shape or form, not just financially.
Finally Purerisk, we have by your definition of a skilled worker, a gentleman working in our ops section as a crewing guy - he was an ex Concorde flight engineer. Not just your average Joe Blow hey?
Last edited by Pete Conrad; 19th Mar 2005 at 06:50.
Join Date: Nov 2002
Location: Sydney
Posts: 167
Likes: 0
Received 0 Likes
on
0 Posts
Pete, sorry it's me again.
Virgin Pacific would be an Australian company and would not need the approval sought by SQ who could be shut out because of this. VP would be entitled to all routes QF fly.
It is widely known that Corrigan thinks PB are a crap product, like yourself and to be honest me as well, and is a supporter of VP.
It is going to be an interesting 3 to 6 months.
Virgin Pacific would be an Australian company and would not need the approval sought by SQ who could be shut out because of this. VP would be entitled to all routes QF fly.
It is widely known that Corrigan thinks PB are a crap product, like yourself and to be honest me as well, and is a supporter of VP.
It is going to be an interesting 3 to 6 months.
Join Date: May 2003
Location: Skylab
Posts: 441
Likes: 0
Received 0 Likes
on
0 Posts
HGW, I have no doubt that PB will be one of the areas that Corrigan will look at, lets face it, they aren't making money, and they don't offer a better product that the competition. PB bet their whole bag of gold on the Qantas/Air NZ merger going ahead, and it didn't.
Virgin Pacific aside, I think we are all oblivious to whats happening in Singapore at the present time with Jetsar Asia and a certain leverage that is being used by SQ on the Australian Government.
Virgin had a model, and it worked when Ansett collapsed as a stop gap, however it's a different ballgame now, requiring someone with financial nouse. You think Jetsar is having an effect in Australia, and they are, you wait until they enter the Tasman, and then the Pacific.
No employee group will be safe, no section of the business will be untouchable and no one for one minute should underestimate the fight that will ensue. Digressing a bit, do you think Dixon will be watching with interest? You wait and see what he's got planned. Yeah, it's going to be interesting.
Virgin Pacific aside, I think we are all oblivious to whats happening in Singapore at the present time with Jetsar Asia and a certain leverage that is being used by SQ on the Australian Government.
Virgin had a model, and it worked when Ansett collapsed as a stop gap, however it's a different ballgame now, requiring someone with financial nouse. You think Jetsar is having an effect in Australia, and they are, you wait until they enter the Tasman, and then the Pacific.
No employee group will be safe, no section of the business will be untouchable and no one for one minute should underestimate the fight that will ensue. Digressing a bit, do you think Dixon will be watching with interest? You wait and see what he's got planned. Yeah, it's going to be interesting.
Last edited by Pete Conrad; 19th Mar 2005 at 08:48.
Join Date: Nov 2002
Location: Sydney
Posts: 167
Likes: 0
Received 0 Likes
on
0 Posts
Amazingly I agree with you on this Pete. From all fronts and no matter what side you or I support this will be the most interesting 6 months since Ansett went down.
Virgin (Corrigan) has learnt from the Jetstar experience. It will be interesting to see two formidable businessman go up against each other, or it could end up being a cosy duopoly as before (QF & AN). Corrigan seems to like this format and has shown he can work with GD e.g. the engine shop in MEL.
For employees, Corrigan has shown through all his ventures that he rewards high productivity with high wages. All Patricks employees earn more now than what they did before Corrigan. I don't think is much to fear on this one. Ask any waterfront worker or ex AN engineer.
Virgin (Corrigan) has learnt from the Jetstar experience. It will be interesting to see two formidable businessman go up against each other, or it could end up being a cosy duopoly as before (QF & AN). Corrigan seems to like this format and has shown he can work with GD e.g. the engine shop in MEL.
For employees, Corrigan has shown through all his ventures that he rewards high productivity with high wages. All Patricks employees earn more now than what they did before Corrigan. I don't think is much to fear on this one. Ask any waterfront worker or ex AN engineer.
Join Date: Dec 2000
Location: Sydney NSW Australia
Posts: 3,051
Likes: 0
Received 0 Likes
on
0 Posts
ahhh good to be back. some good news for once!
just a quick comment. wont be long now till we see freight on Virgin AC........
(and crossed fingers for a competitor to Aust air express aka Quaintarse!)
just a quick comment. wont be long now till we see freight on Virgin AC........
(and crossed fingers for a competitor to Aust air express aka Quaintarse!)
Join Date: Mar 2001
Location: Townsville,Nth Queensland
Posts: 2,717
Likes: 0
Received 0 Likes
on
0 Posts
Pacific Blue's Future ??
Mon "Sydney Morning Herald" late news
Super cheap fares may go at Virgin Blue
March 21, 2005 - 4:49PM
The first causalities from Patrick Corporation Ltd's majority stake in Virgin Blue Holdings are expected to be super cheap airfares and the airline's foray into the Pacific.
But analysts warned the new regime may not be able to trim much else off the budget airline.
The market expects a "new-look" Virgin Blue will have to position itself between Qantas Airways and its subsidiary Jet Star and become more freight orientated.
Mr Corrigan will also probably target Pacific Blue, which flies to New Zealand, Fiji and Vanuatu.
"Pacific Blue's future is either you keep doing it, or shut it down," said one analyst who did not want to be named.
"You can't make it smaller ... and as it is, it's not making any money."
Analysts also believe Virgin Blue chief executive Brett Godfrey may be forced out.
© 2005 AAP
Click here for FULL story
===========================================
Super cheap fares may go at Virgin Blue
March 21, 2005 - 4:49PM
The first causalities from Patrick Corporation Ltd's majority stake in Virgin Blue Holdings are expected to be super cheap airfares and the airline's foray into the Pacific.
But analysts warned the new regime may not be able to trim much else off the budget airline.
The market expects a "new-look" Virgin Blue will have to position itself between Qantas Airways and its subsidiary Jet Star and become more freight orientated.
Mr Corrigan will also probably target Pacific Blue, which flies to New Zealand, Fiji and Vanuatu.
"Pacific Blue's future is either you keep doing it, or shut it down," said one analyst who did not want to be named.
"You can't make it smaller ... and as it is, it's not making any money."
Analysts also believe Virgin Blue chief executive Brett Godfrey may be forced out.
© 2005 AAP
Click here for FULL story
===========================================
