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"Virgin Australia Mk II could launch in as little as three months"

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"Virgin Australia Mk II could launch in as little as three months"

Old 28th Apr 2020, 11:15
  #201 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 452
Strewth, that:

"Either they have torched cash at the rate of more than $25 million a day whilst hibernating the business or they had less than $1 billion on 13 March. If it's the latter then PS has an additional problem."
Right THERE is one ripper question, on so many (as in More than 1x) levels, in a 'continuous disclosure' environment- 'just' sayin................????

"Time'- shall reveal, the............

Rgds all
S28- BE
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Old 28th Apr 2020, 11:32
  #202 (permalink)  
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 226
Originally Posted by Paragraph377 View Post
Absolutley. With their rate of haemorrhage the money being burned would have sped up week by week, but the alleged $1b in cash being almost depleted already, if true, is totally bizzare and not possible under normal circumstances. I’m not sure they would have gotten 6 months out of the $1b, but certainly 3 to 4 months would be the target, not 38 days!! Sounds to me like Paul, Keith, Stu and Elizabeth have been busy applying copious amounts of turd polish, and now the polish has run out it has exposed just how big the turd is! Meanwhile, Ill Deuche counts his $40m and his earnings from serving on the BAC Board, doing nothing while the airport has effectively come to a stop! It’s good to be the king.
Yes. So there's turd polishing and then there's sections 1308 and 1309 of the Corporations Act 2001.

I had always thought that the 'cash position in excess of $1 billion' had to have been a stretch. We know that their audited cash position as at 30 June 2019 was $1,740.0 m and as at 31 December 2019, it was $1,107.6 m. That's an average burn of $105.4 m per month over what is generally the better half of the FY. Given the fires in January and the international travel restrictions kicking in in February I just couldn't see them having preserved that $1,107.6 m for two and a half months.

Any old how, time will tell. Well, it should but having Captain Schettino back on the bridge of the salvage boat is at the very least perplexing.

Last edited by MickG0105; 28th Apr 2020 at 11:36. Reason: Added Costa Concordia reference
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Old 28th Apr 2020, 11:33
  #203 (permalink)  
 
Join Date: Feb 2001
Posts: 177
https://www.executivetraveller.com/n...-from-velocity

Wheres KS?
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Old 28th Apr 2020, 11:46
  #204 (permalink)  
 
Join Date: Feb 2001
Posts: 177
$150 Mill loan change of guard...Wheres NT?
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Old 28th Apr 2020, 11:47
  #205 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 67
Posts: 1
Originally Posted by Blackout View Post
Another twist in the Virgin Australia saga. According to the linked article, Ill Deuche borrowed the $150m from Velocity Rewards back in 2014. The plot thickens. Seems like Borghetti’s creative accounting tricks are being revealed. A loan of that nature would have been sanctioned by the Board. And I wonder exactly when was the money borrowed and applied to the VA business? Wouldn’t have been done just before the annual report by chance, to make VA’s bottom line look healthier than it actually was?? This mess smells worse by the day.
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Old 28th Apr 2020, 12:01
  #206 (permalink)  
 
Join Date: Feb 2001
Posts: 177
This is the time where this 'pat on the back' club of gremlins, gets exposed. This is the start.....This is not the only company, 'going forward'.
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Old 28th Apr 2020, 12:09
  #207 (permalink)  
 
Join Date: Aug 2017
Location: In the Cab
Posts: 75
If above is true, the entire board (including the chairman) need to be bought before the court and held to account for their actions! They have the final approval on such matters

Most board members are members on other company boards. Maybe some skeletons from the closet are coming out?

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Old 28th Apr 2020, 13:14
  #208 (permalink)  
short flights long nights
 
Join Date: Aug 1999
Posts: 3,088
This is getting worse by the day
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Old 28th Apr 2020, 13:42
  #209 (permalink)  
 
Join Date: Feb 2001
Posts: 177
Angel

DC,

How insensitive of you.

"If above is true, the entire board (including the chairman)"

Its the' Chair
Everybody' these days.
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Old 28th Apr 2020, 16:04
  #210 (permalink)  
 
Join Date: Aug 2004
Location: Melbourne, Australia
Posts: 8,329
DC, it may not be the Board, there are these characters called Auditors. I wonder how well they are sleeping tonight. Me? I’m awake waiting for the ibuprofen to kick in for a sore shoulder.
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Old 28th Apr 2020, 21:19
  #211 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 67
Posts: 1
Originally Posted by Sunfish View Post
DC, it may not be the Board, there are these characters called Auditors. I wonder how well they are sleeping tonight. Me? I’m awake waiting for the ibuprofen to kick in for a sore shoulder.
Sore shoulder? Same as Borghetti. Difference is, and I am making an assumption here, the Sunfish sore shoulder is from swinging a club on the 18th hole (I told you that at our age we should only be playing 9 holes) and Borghetti’s sore shoulder is from lifting his wallet every day for 10 years at VA (or from trying to reach up for the coffee cups or pasta in the top cupboard!).

Its good to be the king.
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Old 28th Apr 2020, 22:38
  #212 (permalink)  
 
Join Date: Apr 2020
Location: Chester
Posts: 9
Surely Borghetti et al would have well and truly covered their tracks to ensure this "loan" of $ 150 million passed the pub test.

If they didn't and the administrators start investigating, they may well have to face a court somewhere.

I believe the court of public opinion has already delivered their verdict - guilty as charged
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Old 28th Apr 2020, 22:45
  #213 (permalink)  
 
Join Date: Sep 2018
Location: Melbourne
Posts: 784
Be interesting to see just how far down the toilet VA actually are when the Admins dig thru layer upon layer of corporate cover ups?
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Old 28th Apr 2020, 23:14
  #214 (permalink)  
 
Join Date: Sep 2002
Location: Australia
Posts: 749
Seems like Borghetti’s creative accounting tricks are being revealed.
About bloody time!
I hope they all get revealed and he’s finally held to account for his actions.......
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Old 29th Apr 2020, 03:09
  #215 (permalink)  
 
Join Date: Dec 2000
Location: LA, Cal, USA
Posts: 282
It would need a court that has the power to prosecute to get Borghetti into the frame for any handywork doing his 10 years at Virgin.

That might be kind of difficult unless it's a criminal action.
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Old 30th Apr 2020, 02:07
  #216 (permalink)  
 
Join Date: Aug 2006
Location: Land of Oz
Posts: 153
First creditors meeting over, no challenge to the appointment of Delloittes. Good sign.......
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Old 30th Apr 2020, 02:26
  #217 (permalink)  
 
Join Date: Oct 2014
Location: Margaritaville
Posts: 59
I've never seen so many people in a company appearing so happy about the loss of millions and millions of dollars. Every time I see Scurrah he looks like the cat who just swallowed the canary I just don't get it.
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Old 30th Apr 2020, 02:34
  #218 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 67
Posts: 1
Originally Posted by Tommy Bahama View Post
I've never seen so many people in a company appearing so happy about the loss of millions and millions of dollars. Every time I see Scurrah he looks like the cat who just swallowed the canary I just don't get it.
That would be the loyalists, the ones who foolishly believe the Branson’esq style of hoopla and excitement about working for the Virgin brand, helping to be part of a team who want to bring fairness to the average punter and give a budget service to those who have been held ransom to the pricing of the evil Qantas blah blah blah. Branson sales tactics to convince people that he isn’t about the money, he is about giving people a fair go! His BS sales pitch has run its course. Everyone knows he is full of crap. All billionaires are greedy grubs. The only difference is that he screws you with a smile on his face.
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Old 30th Apr 2020, 02:41
  #219 (permalink)  
 
Join Date: Feb 2011
Location: Oz
Posts: 725
Now twiggy is talking to consortiums.

Why so much interest in such a financially failed business.

Is it ego and prestige at stake here? ‘I own an airline’ etc...
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Old 30th Apr 2020, 02:49
  #220 (permalink)  
 
Join Date: Mar 2006
Location: East of Eden
Posts: 97
Today was just a formality - the business is a train wreck as long as COVID is around. With limited cash and effectively no income, there isn't much time to sort this out.
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