Future of Qantas in jeopardy: Joyce (Merged)

[Short_Circuit]

^^^^^
Holy Cr@p, talk about conflict of interest

[The Green Goblin]

To borrow a quote from our Kiwi neighbours - the whole Qantas, Jetstar management spin on every front, cadets, workers, off-shoring, maintenance and cost cutting, is a:

"carefully orchestrated litany of lies".

[Sunfish]

Holy crap! They are going to try to take the Qantas brand and leave the shareholders with the carcass that is Jetstar!

That must be why they are running down the airline - to make it a cheaper purchase!

[The Black Panther]

Looks like an ambush, smells like an ambush walks like an ambush.

It's ambush

[rodchucker]

Surely it is time for some regulatory scrutiny of governance and decision making and possible breaches of corps law if the acts so far don't stand up to scrutiny? There are so many conflicts of interest there would only have been the Joyce left to vote save for the good general.

I have little faith in the corporate poodle (rather than watchdog) BUT when this hits the fan everyone will be running for cover so the public pressure for heads on poles will be enormous so they just MIGHT be stirred into action with their new Chairman looking to make a name from himself.

[The Black Panther]

Tainted pedigree #1

The information below was found on Bechtel - Wikipedia, the free encyclopedia

Qantas website Corporate information:

Mr Clifford is a Director of Bechtel Group Inc. He is Chairman of Bechtel Australia Pty Ltd

Wikipedia:

Bechtel Corporation (Bechtel Group) is the largest engineering company in the United States, ranking as the 3rd-largest privately owned company in the U.S.

The 1980s were not kind to Bechtel. Employee headcount plunged from 44,000 in 1982 to 16,000 in 1995; one of the 1995 layoffs ultimately resulted in a landmark 2000 employment law decision of the Supreme Court of California, which noted that it was Bechtel who had presented evidence of its massive layoffs to the trial court.[4]

In 1981, Bechtel constructed the Ok Tedi Mine, the largest mine in Papua New Guinea at the time. ...... Broken Hill Proprietary (BHP), which is now known as BHP Billiton, when it allowed mine waste to be dumped directly in the Ok Tedi River after a tailings dam built by Bechtel was destroyed in a landslide. The Ok Tedi Environmental Disaster resulted from the riverine dumping of pollution.[5]
.......In 1988, just after Saddam Hussein had earned international condemnation for using poisonous gas against thousands of Kurds, Bechtel signed contracts with Iraq to build a chemical plant. Bechtel never completed the project due to the onset of the first Gulf War in 1990.

According to the Wall Street Journal, Bechtel established a strong relationship with the rebel leader Laurent Kabila during the First Congo War of 1996-7 in central Africa, compiling "the most complete mineralogical and geographical data of the former Zaire ever assembled, information worth a fortune to any prospective mining or oil firm" and commissioning and paying for "U.S. National Aeronautics and Space Administration satellite studies of the country and for infrared maps of its mineral potential." According to government officials, some of the satellite data provided to Kabila by Bechtel was "militarily useful information." [6]

In September 1999, Bechtel signed a contract with Hugo Banzer, the elected president and former dictator of Bolivia, to privatize the water supply in Bolivia's 3rd-largest city, Cochabamba. The contract was officially awarded to a company named Aguas del Tunari, a consortium in which Bechtel held a 27.5 percent interest. Shortly thereafter, claims surfaced that water rates in that city went up an average of about 50 percent.[7] Both of these actions resulted in the Cochabamba protests of 2000. Many had to withdraw their children from school and stop using doctors because of higher costs for water.

Leigh Clifford shows as an "Outside Director" on the Bechtel annual report 2011. I have no idea how long Mr Clifford has been with Bechtel. It appears to be a company not shy of making hard decisions. I'll let you be the judge.

[QFinsider]

Oh Clifford is one neo-conservative stooge...

H. R. Nicholls Society - Wikipedia, the free encyclopedia

Most of the "liberals" buy this strategy, it is IR in focus and Clifford is in it up to his neck. As Fraser remarked, this does not resemble the Liberal Party of old.

Don't let his membership of Essendon Football club fool you, this "industry chieftain nearly killed Rio.It is him and his acquiescent board and senior yes men or all of us.....

[rodchucker]

Love that photo with the "green" surrounds.

Isn't there a kids television award show where the recipients of the awards get "Slimed" by some strange green mess as part the award ceremony? This is absolutely true in Oz.

Seems entirely appropriate for a nomination.

[600ft-lb]

What an amazing, again, suprise;

Jayne Hrdlicka's Experience


Group Executive Strategy

Qantas


Privately Held; Airlines/Aviation industry
August 2010 – Present (11 months)

Non Executive Board Director

Woolworths Limited


Public Company; Consumer Goods industry
August 2010 – Present (11 months)

Don't Qantas and Woolworth's deep business ties ?

She must've been headhunted by James Strong, Chairman of woolies and 'independent' director of Qantas

EDIT

This is getting a bit depressing now.

James Strong - National Chairman of Partners of Corrs Chambers Westgarth

Corrs Chambers Westgarth | Private Equity

Our Private Equity Group includes lawyers who have many years experience advising leading UK and US as well as Australian private equity houses on transactions in Europe, the US and Australia. Corrs' Private Equity Group is headed by Richard Lewis, who is recognised as one of Australia's most experienced and accomplished private equity lawyers.

[standard unit]

Just one big daisy chain

[600ft-lb]

Barbara Ward - She was Chairman of NorthPower and a Board Member of Allens Arthur Robinson.

Allens Arthur Robinson: Services: Private equity law

Our experienced Private Equity team provides legal services across Asia to leading private equity firms, venture capital investors, underwriters and financiers across the full range of private equity transactions.
Experience includes:

• asset and company acquisitions;
• management buy-outs and buy-ins; <----- HAHA it sure does!

[The Black Panther]

Tainted pedigree #2

Independent Non-Executive Director

Barbara Ward was appointed to the Qantas Board in June 2008.
Ms Ward is on the Advisory Board of LEK Consulting. She was formerly a Director of Allco Finance Group Limited.

What a fine company Allco was, as stated earlier Allco was part of the APA Partners including Texas pacific Group, Macquarie Bak, Onex Corporation that failed in their equity buy out of Qantas

Shareholders in Allco received no capital return as stated on the web site reference.

reports the group is under investigation over $1.2 billion in transactions it conducted with its subsidiaries, joint venture partners and directors, including directors, Gordon Fell and David Coe 12/03/2009

ALLCO FINANCE GROUP LIMITED - Company Profile and Status at deListed

Allco has over A$4.3 billion in assets, and has financed over A$60 billion of transactions. In its most visible public transaction Allco was a part of Airline Partners Australia, the consortium that unsuccessfully attempted to buy Qantas. The company is now in liquidation, after previously being in administrative receivership, following difficulties in refinancing debt and a share price fall of 99% since the beginning of the subprime mortgage crisis.[1]

Allco Finance Group - Wikipedia, the free encyclopedia

Barbara has chosen not to mention Allco or APA on her CV at L.E.K. Consulting.
Advisory Board - Australia/New Zealand | L.E.K. Consulting

[600ft-lb]

These interesting connections just about deserve their own thread

[The Black Panther]

Tainted pedigree #3

Independent Non-Executive Director


Garry Hounsell was appointed to the Qantas Board in January 2005.
He is Chairman of the Audit Committee and a Member of the Nominations Committee.
Mr Hounsell is Chairman of Investec Global Aircraft Fund.

Investec Bank Australia Ltd has launched a global fund to lease aircraft to airlines around the world.
The Australian arm of Investec Group, a specialist banking group operating mainly in South Africa and the United Kingdom, says the Investec Global Aircraft Fund would tap into long-term growth in commercial travel to generate returns for investors.....the fund's initial assets, three Airbus A321s, will be leased by Qantas Airways Ltd for use by its offshoot, Jetstar.

Investec launches global aircraft fund

All these coincidences remind me of something

"What a coincidence, Dierdre Chambers!"

YouTube - &#x202a;muriels wedding deirdre chambers&#x202c;&rlm;

[The Black Panther]

----- pedigree #4

Independent Non-Executive Director

Richard Goodmanson was appointed to the Qantas Board in June 2008.
Previous to 1999, he was President and Chief Executive Officer of America West Airlines.

America West was one of the first airlines to use extensive "cross-utilization", in which employees were trained in a variety of airline jobs, such as pilots trained in dispatch, and both baggage handlers and flight attendants being trained as gate agents. America West also started as a "full service" airline, in contrast with Southwest Airlines, the discount air carrier competing in many of the same markets. America West also utilized an aggressive employee stock ownership program, in which new employees were required to invest 20% of their salary in company stock, providing a steady flow of cash as the company grew.

America West operated in bankruptcy from 1991 to 1994. As part of its restructuring, the employee stock became worthless

America West's flight attendants also unionized in 1993, a move which ended the cross-utilization between customer service agents, flight attendants, and ground agents. Many maintenance and training functions that were previously operated by America West in-house were also outsourced during the bankruptcy.

[Oldmate]

Having looked through the connections of the board members above, and through some google searches, I am wondering whether General Cosgrove might be the man to petition. Also wondering if he may already be behind the rumoured dissension amongst the Qantas board.

A proud Australian, with a distinguished military career, a history of showing courage and leadership, and no obvious connections to the vultures that are circling our national icon.

I am sure the General is not naive to the impact Qantas' failure would have on the Australian economy, the 35000 loyal staff, and our national pride.

I am happy to be corrected if he is not the man for the job, but in the meantime I think I will draft him a letter.

[gobbledock]

Allco has over A$4.3 billion in assets, and has financed over A$60 billion of transactions. In its most visible public transaction Allco was a part of Airline Partners Australia, the consortium that unsuccessfully attempted to buy Qantas. The company is now in liquidation, after previously being in administrative receivership, following difficulties in refinancing debt and a share price fall of 99% since the beginning of the subprime mortgage crisis.[1]

And here lays the problem. These clowns and their zealous desire to fill each others pockets with ludicrous amounts of wealth at any cost and recklessly are one of the driving forces behind the current economic disaster swallowing the globe. If the same mentality and mindset is driving QF then folks the Rat is doomed....

[QFinsider]

And Jimmy Bowtie has a very artistic son. who just happens to be an Industrial lawyer at....

FREEHILLS

Didn't Dixon retain them as QF lawyers and his own personal mouthpieces?
The very same firm Gary Hounsell works for....

these clowns think we are silly.

[QFinsider]

Mods!

This does deserve its own thread..

QF board and its self serving failure to act in a fiduciary capacity..

[600ft-lb]

The smartest people in the room have just caused an Australian company thats 140 years old to go broke.

MORE than 1000 people are set to lose their jobs as 140 outlets in the Colorado clothing group close in a major restructure.

The debt-ridden Colorado Group was placed in administration in March after lenders rejected a proposal to allow it to continue trading.
Colorado, which owes about $400 million to a syndicate of 18 financiers, has 434 stores across Australia and New Zealand and 3800 staff.

Read more: Colorado restructure leaves 1042 people without jobs after restructure | News.com.au

And where did the owing of $400 million come from to the syndicate of 18 financiers ?

2006
ARH Investments (Australia) Pty Ltd becomes majority shareholder


2007
Colorado de-lists


Who is ARH ?

ARH Holdings (Australia) Pty Ltd is an Australian foreign-owned proprietary company which wholesales and retails footwear and apparel. The company employs over 3,600 people in Australia and New Zealand, and is administrated from its head office in South Brisbane. The company is a wholly-owned subsidiary of Affinity Equity Partners, a Hong Kong-based private equity group.
At the end of March 2011, the company entered voluntary administration when its lenders rejected the company's restructuring proposal. ARH's lenders appointed Ferrier Hodgson as Receiver.

Who are they owned by ?

Affinity Equity Partners is one of the largest dedicated Asian private equity firms and focuses on leveraged buyout and growth capital transactions. Affinity invests primarily in companies that produce consumer-related goods and services as well value-added manufacturing, healthcare, financial services, and business services companies.

Among Affinity's notable investments are the following:

• Colorado Group Limited – an Australian company that operates a chain of clothing retailers acquired by Affinity in a hostile takeover in 2006.[3]

And why did Colorado go broke ?

At the time, Affinity director Brett Sutton argued the unusually aggressive approach in the $430 million deal was needed following four profit downgrades and a massacred share price.
Today, lenders to Colorado, who are owed a total of $440m, are contemplating whether a similar approach is called for once again. In the next 48 hours, the senior lending group, led by National Australia Bank, Mizuho and Rabobank, are expected to make a decision on the future of the company, following the expiry yesterday of an extension on debt covenants.

And there you have it, a company bought with loans that the buyer used the assets of the company they were trying to buy to back it up... All the while exorbitant "fees" would've been paid, by Colorado, to facilitate its own takeover by some private equity vultures.

I can assure everyone that the private equity fund isn't left high and dry by bleeding this company's money.

This is how the people who come from these fancy financial 'service'... more like 'leech' backgrounds think. A successful company is there to make them rich. It will make them rich, it will make the consultants rich, it will make the management involved in the buyout rich.

It's a (somehow) legal form of asset stripping of a public company.

I think the Colorado story is VERY VERY relevant to Qantas. Especially seeing who is 'running' the company.