Allco in spiral dive

[teresa green]

Could someone tell a stupid ol Bastard like myself, why on earth is Dixon and Jackson not being investigated by ASIC. Allco is in a spiral dive, and to refresh your memory, this is the very company that along with Mac Bank made the offer for Qantas. Allco is a debt laden empire and will face the loss of more than 2.6 billion making it one of the biggest corp disasters ever in Australia. Yes, the very company who was to be your boss! Saying the takeover had gone ahead, Dixon and Jackson would have pocketed their share (I think Dixon was up for 90 mil, Jackson for about 65 mil,) and would be now in cruise control, laughing their heads off, you dear brothers and sisters, would be looking at a momumental disaster of enormous size, as Macbank would be looking to the Aust. Govt to bail them out, so the whole lot of you kept your jobs. Why on Gods earth did not Dixon and Jackson have this company investigated before doing their little cuddles and dance routine, they would have soon found out it was not worth the paper the takeover was written on, just a bunch of carpetbaggers, who talked bull#hit. Dixon and Jackson failed their shareholders, and their staff by not investigating this company and are poor examples of board managers, not only that they were criminal in their negligence and should be charged as such. (Read the whole sad sorry story The Australian Sept1 Business backpage) and thank your lucky stars that it did not come off.

[breakfastburrito]

If the bid was successful, Allco wouldn't have had the problem...
One could further hypothesize, that proximity to the bid & the CEO's bathroom show an inverse relationship.

Watchdog should look at Allco

[Spaz Modic]

Well, it didn't happen - so what's the point?

[Brian Abraham]

Allco last traded at 38c a share, which is a far cry from the $13.23 high it hit in February 2007, a time when Coe was considered a genius and the company had launched a joint bid to buy Qantas.

You do have to laugh at these smoke and mirror predators. Their story would be if they had been able to strip the cash out of QF every thing would be hunky dory and the Allco share price would be north of $13.23 and all would be right with the world.

[airtags]

while I am a long way off being convinced the proposed deal was good for the company, the simple fact is that there was nothing in the bid that breeched the regulatory regimes.

The running of the bid was at best a tragic comedy, however Dixon & Jackson would have been praised by the shareholders who would have gladly taken the uplift if the deal proceeded. As a CEO & Chairperson the reality is that's the shareholders who take the number one slot on the Exec brief and they passionately batted for them - although they were particularly poorly advised and managed when it came to media.

In terms of broader leadership and future governance however their collective tenure at Q will be recorded in a less than positive light. Dixon wraps his innings with no real increase in the share price and a corporation in disarray. The so called legacies of the Dixon era are seen by many as nett losses.

That said, the bloke did face the challenge of reforming some prehistoric and in part bloody minded IR environments - while my view is that he went about it the wrong way and could have had engaged staff to score much better business outcomes, it's all history and nothing is to be gained by retro debate.

Allco's current issues are a reflection of a whole host of unrelated factors and like any listed company it will have to ride the waves of a overly reactive and highly speculative market. - Allco is not alone either and there's some heavyweight people such as B&B etc., sharing their unsavoury perch.

Like all things in the market however it is unwise to take a position on a given trading value. More often than not, a good story or a big storm is all that is needed to turn things around and shift the spotlight elsewhere.

People bagged Woolies at 3's and Newscorp at 7's when they faced shareprice turbulence and while Q is down there today, baseline is the APA deal did not happen and hypothetical "what if's" and "I told you so's" regarding Allco/Q is a bit like the punter in the pub after the races have finished.

[Going Boeing]

That said, the bloke did face the challenge of reforming some prehistoric and in part bloody minded IR environments

Sorry Airtags, but I have to disagree. James Strong did all the hard work of transforming Qantas from a government owned/union controlled entity. At the time that Dixon took over, Strong had reduced QF's Debt/Equity ratio from 87% to circa 45% and had virtually eliminated any union problems. All that Dixon has done is slash and burn, so badly that there are simply not enough staff to do the workload - especially when there are disruptions (ie daily). I'm not expecting any miracles from Joyce but I can't see him being worse than Dixon, especially with Leigh Clifford looking over his shoulder.

[Captain Marvel]

while I am a long way off being convinced the proposed deal was good for the company, the simple fact is that there was nothing in the bid that breeched the regulatory regimes.

As far as I know, there has been no investiagtion or inquiry into the deal by ASIC, so how do you know if any breeches did or did not occur?

Has Dixon or any of the protagonists who stood to make 100's of millions of dollars from the deal fronted an inquiry to explain their involvement?

ASIC would need some hard evidence to launch an investigation, evidence that would probably involve some self incrimination for it to come forth, so unfortunately we will likely never no exactly what went on, but be very very thankful the bid was unsuccessful.

[blow.n.gasket]

I'd suggest ASIC start looking at players outside the spotlight first, get them to squeal and build your case from all the inside info thus gleaned. Then work your way up though the vipers nest.

I would think Mansfield would be a very interesting chap to have a chat with.

[wirgin blew]

What if ??? Hardly worth investigating. I'm sure there are other "actual" events that have happened in the last few months that ASIC should be looking at more closely.

Terry from the Herald-Sun certainly thinks so. Undisturbded Sleep at the ASX

[FlexibleResponse]

Does it seem somewhat ironic that one of the non-executive directors of the Allco Finance Group Limited is Sir Rod Eddington...ex-CEO of CX, ex-CEO of Ansett, ex-CEO of BA and now bum-boy for the Rudd Labor Govt and soon to deliver a Report to Govt on the Infrastructure requirements for a future Australia?

I rather think that if Allco had bought Qantas, that Allco would still be a going concern...but that is just my opinion.