Virgin goes to the market, CEO to leave in 2010.
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Virgin goes to the market, CEO to leave in 2010.
Virgin to raise cash, CEO to leave in 2010.
see Business Spectator - News - Virgin Blue announces $231m capital raising, sees $165m FY09 loss
see Business Spectator - News - Virgin Blue announces $231m capital raising, sees $165m FY09 loss
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Actually I think he has done remarkably well. From start up to today the airline has indeed grown and he has not had it all his way.
My honest opinion, now I will sit back and watch.
My honest opinion, now I will sit back and watch.
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This is the news staff having been hoping for, for the last 4 years. The morale of pilots especially, directly relating to BG decisions is quite remarkable. Good news. Chow !!
I heard a little rumour from the Townsville refuelers twin brothers cousin in Gove that Darth received an offer from Virgin to apply for the top job 
Interesting twist to say the least!
Apparently Vstar is his latest ploy using e jets to build a low low cost offshoot of Virgin, leaving virgin to pursue higher yield markets on the city to city route network
Interesting twist to say the least!
Apparently Vstar is his latest ploy using e jets to build a low low cost offshoot of Virgin, leaving virgin to pursue higher yield markets on the city to city route network
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Actually I think he has done remarkably well. From start up to today the airline has indeed grown and he has not had it all his way.
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I wonder if the new man or woman will make some decisions on the future direction of VB, either low cost or full service airline? Trying to be both isn't really working. PE seems to be a waste on most sectors, always empty red seats.
By Brett, you will not be missed
By Brett, you will not be missed
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Its trans Pacific carrier, V Australia, is expected to make a trading loss of between $30 and $350 million for the 2009 financial year
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less than impressive
787 - Dixon was the same although never pretended to befriend or listen to staff before screwing them over - Godfrey pretends befriends then guts with no concious.
refer appendix B - new issue announcement for quotation of additional securities lodged with ASIC 16 May 2009
7,703,605 options issued pursuant to Senior Executive Option Plan which at notional determinant of (a very generous )$0.28 .... each of the 10 Execs headed by "brett" reward themselves each getting a (notional) $227,000 bonus at a nil issue price. All unconditional!
Item 6 - purpose of issue states "to motivate and retain the participating executives"
All this at time when share prices are diabolical, debt is soaring and what little assets there are are being put in hock to pay interest of dud deals, fuel hedges that were way too late, and stupid forex punts that a drunk in a casino wouldn't make....oh forgot to mention at the same time drivers, cc and staff are taking pay hits with forced leave, LWOP etc. ..although if the flawed, poorly scoped, Delta JV were to get up, the exec's bonuses would have had a healthy multiplier.
BG while doing some good things - has had an overt history of B.S. statements that typically does the opposite. (apart from the way staff are treated)
For example, refer the VBA profit forecast a few months ago - QF downgrades to circa $100 mill, the bum is falling out of the global aviation landscape and Godfrey spruiks VBA will be in the black to the tune of $200 - 250 mill........) - even the speculative suitors at Credit Suisse ran from that one!!!!!
He constantly justifies his previous indiscretion by blaming everyone and everything - even counting a B.S. claim against Air Services on the balance sheet and wanting to redefine international accounting protocols to make the off balance sheet liabilities look like another company's problem. Even in the equity raising announcement he unashamedly wants the money to cut debt and help liquidity.
With the failure of finding a sugar daddy with patient money, and then still crashing ahead to continue swamping the business in further debt only to be followed with the annual result going south to the tune of minus 160 (with seriously more to come), the evac/eject alarm was sounding loud and clear.
VB needs sound direction and hopefully a focus on being what it was a very successful domestic LCC. BG's departure may herald a new CEO who can clean out the myopic management tier and get the airline back on track. It is a tough brief but watch the shares gain height if the right appointment is made.
Sadly though, those like BG that have and still are taking VB way too close to the terrain will be the first to reap the rewards of any recovery arising from his eventual departure.
...............drivers, cc and staff however will be lucky to get a fraction of CPI but they'll have to slog harder for it.
AT
refer appendix B - new issue announcement for quotation of additional securities lodged with ASIC 16 May 2009
7,703,605 options issued pursuant to Senior Executive Option Plan which at notional determinant of (a very generous )$0.28 .... each of the 10 Execs headed by "brett" reward themselves each getting a (notional) $227,000 bonus at a nil issue price. All unconditional!
Item 6 - purpose of issue states "to motivate and retain the participating executives"
All this at time when share prices are diabolical, debt is soaring and what little assets there are are being put in hock to pay interest of dud deals, fuel hedges that were way too late, and stupid forex punts that a drunk in a casino wouldn't make....oh forgot to mention at the same time drivers, cc and staff are taking pay hits with forced leave, LWOP etc. ..although if the flawed, poorly scoped, Delta JV were to get up, the exec's bonuses would have had a healthy multiplier.
BG while doing some good things - has had an overt history of B.S. statements that typically does the opposite. (apart from the way staff are treated)
For example, refer the VBA profit forecast a few months ago - QF downgrades to circa $100 mill, the bum is falling out of the global aviation landscape and Godfrey spruiks VBA will be in the black to the tune of $200 - 250 mill........) - even the speculative suitors at Credit Suisse ran from that one!!!!!
He constantly justifies his previous indiscretion by blaming everyone and everything - even counting a B.S. claim against Air Services on the balance sheet and wanting to redefine international accounting protocols to make the off balance sheet liabilities look like another company's problem. Even in the equity raising announcement he unashamedly wants the money to cut debt and help liquidity.
With the failure of finding a sugar daddy with patient money, and then still crashing ahead to continue swamping the business in further debt only to be followed with the annual result going south to the tune of minus 160 (with seriously more to come), the evac/eject alarm was sounding loud and clear.
VB needs sound direction and hopefully a focus on being what it was a very successful domestic LCC. BG's departure may herald a new CEO who can clean out the myopic management tier and get the airline back on track. It is a tough brief but watch the shares gain height if the right appointment is made.
Sadly though, those like BG that have and still are taking VB way too close to the terrain will be the first to reap the rewards of any recovery arising from his eventual departure.
...............drivers, cc and staff however will be lucky to get a fraction of CPI but they'll have to slog harder for it.
AT
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Hope for the best...?
VB must be close to complete desperation to put this deal in the market; just to raise $230 million..??? Al it seems to do is fund the losses of Vaus, and not for a long time either, and hope for the best! Scary....., very scary.
The discount may offer some short term protection to falling share prices, but you wonder whether it is big enough...?
The discount may offer some short term protection to falling share prices, but you wonder whether it is big enough...?
The whole thing stinks. BG's balls must be like allens marshmallows. Lucky for the staff nonetheless.
It's as if the captain of the titanic opened the throttles, aimed for the biggest burg he could find, and then just when everyone thought he'd gone to the loo, dissappears out a back door and into an escape raft with all the fine china.
To top it off, his senior crew attempt to justify the situation with 'He was a good captain and we were lucky to have him'....
I have a feeling that those vampires (hr folk) at QF and TT are sharpening their pencils and practicing their indignant frowns as we speak...
It's as if the captain of the titanic opened the throttles, aimed for the biggest burg he could find, and then just when everyone thought he'd gone to the loo, dissappears out a back door and into an escape raft with all the fine china.
To top it off, his senior crew attempt to justify the situation with 'He was a good captain and we were lucky to have him'....
I have a feeling that those vampires (hr folk) at QF and TT are sharpening their pencils and practicing their indignant frowns as we speak...
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gob smacked but not surprised
How is that two investment banks have seen this as a deal worth participating in ?
Do they see this as highly speculative or does it have legs, either way I would have thought there would have been much better ways to spend my clients money.
I reckon they have a better chance of a return by thowing a couple of Billion at Eddie with a pat on the back all is forgiven and a warm seat at the head of the ABC table.
Some posting here have much more knowledge of the financial circles and practices than us mere pilots ,so whats their thinking?
Do they see this as highly speculative or does it have legs, either way I would have thought there would have been much better ways to spend my clients money.
I reckon they have a better chance of a return by thowing a couple of Billion at Eddie with a pat on the back all is forgiven and a warm seat at the head of the ABC table.
Some posting here have much more knowledge of the financial circles and practices than us mere pilots ,so whats their thinking?
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Timber, right on the money. Scary that VB are trying to raise an amount that may be a lot less than the loss they make, another Godfrey move
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I heard they are trying to sell their 777's to then lease back but can't get any buyers cause they got the model with the small cargo door and therefore can't take containers. If this is true who chose that mod they should be made to take permanent leave without pay!
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Quote-
"I heard they are trying to sell their 777's to then lease back but can't get any buyers cause they got the model with the small cargo door and therefore can't take containers. If this is true who chose that mod they should be made to take permanent leave without pay!"
_________
It was obviously the same bean counter who ticked the boxes for the QFs original A330s.
At least we know where he ended up after being sacked for that stroke of genius........
"I heard they are trying to sell their 777's to then lease back but can't get any buyers cause they got the model with the small cargo door and therefore can't take containers. If this is true who chose that mod they should be made to take permanent leave without pay!"
_________
It was obviously the same bean counter who ticked the boxes for the QFs original A330s.
At least we know where he ended up after being sacked for that stroke of genius........