Go Back  PPRuNe Forums > PPRuNe Worldwide > Australia, New Zealand & the Pacific
Reload this Page >

4 Corners 29 Jun 2020 Aviation

Australia, New Zealand & the Pacific Airline and RPT Rumours & News in Australia, enZed and the Pacific

4 Corners 29 Jun 2020 Aviation

Old 28th Jun 2020, 23:36
  #1 (permalink)  
Thread Starter
 
Join Date: Dec 2000
Location: Australia
Posts: 875
4 Corners 29 Jun 2020 Aviation

Seeing a few tasters for tonight’s 4 corners which seems to be mostly about Virgin with a little of Qantas and politics chucked in. From what I can see so far it looks like the Chairperson tries to throw one JB under the bus. As much as JB cops heat for where VA ended up, it is the Board who ‘control’ the CEO and the company. I for one have always thought much more scrutiny should have been placed on the board for where VA ended up. So far from what I have read about the story tonight a lot of people are going to come out not looking so flash but the buck stops at the top (Or it should anyway) and you begin to see in this story where it fell apart.
ozbiggles is offline  
Old 28th Jun 2020, 23:40
  #2 (permalink)  
 
Join Date: Apr 2010
Location: Asia
Posts: 833
Liz will be using the virus to cover her arse.

I will fall off my chair if she throws him under the bus. She is the chairperson!!!
wheels_down is offline  
Old 28th Jun 2020, 23:48
  #3 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 348
ex ABC- Four Corners:Top bosses at Virgin Australia give insiders' account of .......

Link here to promo article: https://www.abc.net.au/news/2020-06-...ation/12392730

Rgds
S28- BE
Section28- BE is offline  
Old 29th Jun 2020, 00:27
  #4 (permalink)  
 
Join Date: Dec 2001
Location: Australia
Posts: 195
The board has to collectively accept responsibility for this cluster f**k - COVID was just the final straw, not the original cause. That can be laid fairly and squarely at the former CEO and the board.
Arctaurus is offline  
Old 29th Jun 2020, 01:21
  #5 (permalink)  
 
Join Date: Jun 2020
Location: Melbourne
Posts: 19
For whatever reason the board seemed to have escaped scrutiny, perhaps this will lay bare some facts about what’s really gone on at the top. Borghetti’s Vs Scurrah’s plans have been vastly different yet have presumably received approval from the board in both cases, talk about having an each way bet.
Boeingpilot738 is offline  
Old 29th Jun 2020, 02:45
  #6 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 351
Rumour on the legal street is that the Board and Scurrah are being lined up over the November bond raising for misleading and deceptive conduct over the financial representations they made to investors. The real situation of the accounts was not properly disclosed. Watch this space...
TBM-Legend is offline  
Old 29th Jun 2020, 02:50
  #7 (permalink)  
 
Join Date: Nov 2005
Location: US
Posts: 62
Any recent board transactions can be examined and dealt with. There may be criminal or civil liability implications. It seems the time period from November to April would fit within the context of "recent" transactions.

In fairness though, no one could have predicted COVID, which was the final issue that drove VAH into administration.

Time will tell if there are aspects that would otherwise attract the interest of the regulator.
mrs nomer is offline  
Old 29th Jun 2020, 03:17
  #8 (permalink)  
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 148
Originally Posted by TBM-Legend View Post
Rumour on the legal street is that the Board and Scurrah are being lined up over the November bond raising for misleading and deceptive conduct over the financial representations they made to investors. The real situation of the accounts was not properly disclosed. Watch this space...
That's surprising. The prospectus for that notes issue was pretty straight up and down. 20 pages of it were dedicated to outlining risks.

What I would like to see is the business case and Board minutes for the acquisition and debt raising. Even with optimistic growth of Velocity the deal had at best a 5 year payback period, likely longer. Most importantly, the debt tanked net equity into the red. Debts exceeded assets by over $100 million and that didn't include the AASB 16 treatment of leases. By trashing the business's net equity it removed any resilience to shocks that the business had. EB is the chair at IAG; if she doesn't understand business risk I don't know who on that Board would.
MickG0105 is offline  
Old 29th Jun 2020, 04:36
  #9 (permalink)  
 
Join Date: Aug 2004
Location: Melbourne, Australia
Posts: 8,131
They should have removed jv much sooner.
Sunfish is offline  
Old 29th Jun 2020, 04:44
  #10 (permalink)  
 
Join Date: Apr 2010
Location: home
Posts: 359
I don't believe the "board" were being paid millions to build their own mini qantas whilst running the airline into a dodgy financial position with more smoke and mirrors than a David Copperfield show ("we're not making profit but we have plenty of cash" wait a minute..........)
The buck has to stop somewhere and it might as well be with the one that got paid the most
airdualbleedfault is offline  
Old 29th Jun 2020, 05:23
  #11 (permalink)  
 
Join Date: Oct 2014
Location: Margaritaville
Posts: 54
A less impressive group of individuals would be hard to find. Lizzy seriously has the charisma of a garden gnome. The “it’s not my fault” attitude has been the village idiots modus operandi for years.
Tommy Bahama is offline  
Old 29th Jun 2020, 06:27
  #12 (permalink)  
 
Join Date: Apr 2010
Location: Asia
Posts: 833
Mossimo taking calls from the media today. First time since he left. Trying to lessen the blow I assume that is inbound.
wheels_down is offline  
Old 29th Jun 2020, 07:48
  #13 (permalink)  
 
Join Date: Jul 2001
Location: The Ponderosa
Age: 48
Posts: 819
Originally Posted by Sunfish View Post
They should have removed jv much sooner.
Hey, keep Veitchy out of this! 😉
hoss is offline  
Old 29th Jun 2020, 11:13
  #14 (permalink)  
 
Join Date: Apr 2010
Location: Asia
Posts: 833
This Rex and Nationals under the rug deal is probably another whole episode in itself.

McCormack what a defensive ****.
wheels_down is offline  
Old 29th Jun 2020, 11:17
  #15 (permalink)  
 
Join Date: Jun 2012
Location: Sfo
Posts: 30
Just cannot believe what I just saw... Elizabeth Bryan talked as if she was an innocent bystander and took no responsibility for her appalling lack of oversight... Disgraceful

Superman1 is offline  
Old 29th Jun 2020, 11:21
  #16 (permalink)  
34R
 
Join Date: Jul 2002
Location: Brisbane
Age: 49
Posts: 226
Wow..... so it was everybody elses fault.

That would have whipped em all up into a frenzy I reckon
34R is offline  
Old 29th Jun 2020, 11:23
  #17 (permalink)  
 
Join Date: Nov 2014
Location: Timbuktoo
Posts: 28
McCormack was quick to shut down any suggestion of favouritism to Rex. Cronyism at its finest!
brokenagain is offline  
Old 29th Jun 2020, 11:29
  #18 (permalink)  
 
Join Date: Jan 2017
Location: MEL
Posts: 84
I thought that Alan Joyce presented and prosecuted his case vey well, ditto Paul Scurrah, but Virgin chair EB was a doddering disaster!
MelbourneFlyer is offline  
Old 29th Jun 2020, 12:25
  #19 (permalink)  
 
Join Date: Dec 2015
Location: Aus
Posts: 61
A bunch of self serving crooks, nothing less.
Shameful, and should be criminal behaviour in a publicly listed company.
Switchbait is offline  
Old 29th Jun 2020, 15:16
  #20 (permalink)  
 
Join Date: Aug 2004
Location: Melbourne, Australia
Posts: 8,131
Story pulled by ABC?
Sunfish is offline  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.