Virgin float news

[Australopithecus]

https://www.afr.com/companies/transp...0230116-p5ccry

Contains an image some viewers may find distressing.

[TBM-Legend]

Originally Posted by Australopithecus

https://www.afr.com/companies/transp...0230116-p5ccry

Contains an image some viewers may find distressing.

So where is the news as the Bain vultures are not investing in VA but seducing more mums and dads and your super funds while Jane and Co head again to the Bahamas for a good old round of laughs in a tax free haven!

[Switchbait]

TBM Legend on the money 👌🏼

[Icarus2001]

Break out the lipstick. Just for reference and context, Virgin Blue IPO launch price was $2.

Here is how that worked out…

[PoppaJo]

I’d rather invest in old mates Emu farm down the road!

[Australopithecus]

Another article I read mentioned that IPO activity has been as high as 8 Billion/year, but this year its only been 600 million. Which I guess means there’s demand, and they expect any IPO to be heavily subscribed. Virgin has name recognition, but who knows if any of that will get them the 5 billion+ Bain will be looking for.

[No Idea Either]

I work there, it’s gonna need some serious investment by any new owners but as far as I’m concerned, the sooner we see the backside of Jayne and Bain the better………..

[non_state_actor]

I work there, it’s gonna need some serious investment by any new owners but as far as I’m concerned, the sooner we see the backside of Jayne and Bain the better…

The issue with a public company is that there is no real owner who carries the can. Management just plunder the joint with bonuses and kickbacks. The staff get dragged along then lose their livelihood when it falls over. In my opinion in the airline game it would appear to be beneficial in actually having an owner who has a vested interest in it not failing. Listed companies no one really cares and it will be quite possible to be back to 2020 in no time if it just gets listed and they throw the keys to a CEO rather than a real owner who has skin in the game. After reading the bankruptcy papers the board were pretty much useless, then they all just walked away to their next gig like nothing had happened. ( imagine what would happen to a Captain if he crash an aeroplane as a comparison) Say what you like about Bain but at least they are a owner and have a vested interest in not going broke. There is some level of financial responsibility with these guys.

[AerialPerspective]

Originally Posted by No Idea Either

I work there, it’s gonna need some serious investment by any new owners but as far as I’m concerned, the sooner we see the backside of Jayne and Bain the better………..

Are they seriously any better than the clown that ran it into the ground before them??

[AerialPerspective]

Originally Posted by non_state_actor

The issue with a public company is that there is no real owner who carries the can. Management just plunder the joint with bonuses and kickbacks. The staff get dragged along then lose their livelihood when it falls over. In my opinion in the airline game it would appear to be beneficial in actually having an owner who has a vested interest in it not failing. Listed companies no one really cares and it will be quite possible to be back to 2020 in no time if it just gets listed and they throw the keys to a CEO rather than a real owner who has skin in the game. After reading the bankruptcy papers the board were pretty much useless, then they all just walked away to their next gig like nothing had happened. ( imagine what would happen to a Captain if he crash an aeroplane as a comparison) Say what you like about Bain but at least they are a owner and have a vested interest in not going broke. There is some level of financial responsibility with these guys.

I think anyone who worked for Ansett after Abeles and Murdoch took over might disagree with you - when the airline got into trouble, the landholdings, the TV and radio stations, the newspapers and anything else of value had long departed.

[AerialPerspective]

Originally Posted by non_state_actor

The issue with a public company is that there is no real owner who carries the can. Management just plunder the joint with bonuses and kickbacks. The staff get dragged along then lose their livelihood when it falls over. In my opinion in the airline game it would appear to be beneficial in actually having an owner who has a vested interest in it not failing. Listed companies no one really cares and it will be quite possible to be back to 2020 in no time if it just gets listed and they throw the keys to a CEO rather than a real owner who has skin in the game. After reading the bankruptcy papers the board were pretty much useless, then they all just walked away to their next gig like nothing had happened. ( imagine what would happen to a Captain if he crash an aeroplane as a comparison) Say what you like about Bain but at least they are a owner and have a vested interest in not going broke. There is some level of financial responsibility with these guys.

And all the talk about the 'toxic culture' since Bain took over - hah, the toxic culture was a textbook example of toxic workplace culture long before Bain were even mentioned.

[Ollie Onion]

Capitalism 101,

- buy the smoking wreckage of a business
- restructure it to keep all the assets and write off the debt
- relaunch it with a shiny new website and glossy PR
- frantically keep the straining business together with minimal investment
- Launch an IPO and com Mum and Dad investors into buying stock in this great business
- Exit immediately with your huge profits
- let business fail so next investor can come and and repeat the cycle.

[Icarus2001]

How does she say that with a straight face?

“Prior to COVID-19, Virgin Australia had a proud history as a public company. While there is currently no set timetable, at some point in the future, if any IPO does happen, Bain Capital would welcome public market investors joining us as shareholders in what is a great Australian company.”

​​​​​​​https://www.smh.com.au/business/comp...16-p5ccs2.html

[murder most fowl]

They won't be selling out totally. Last I read/heard was keeping 51% for themselves for the time being. Plenty more to be milked out of this cow.

[Capt Fathom]

You need to be very smart to make money out of ‘operating’ an airline.

[Sunfish]

You need to be very smart to make money out of ‘operating’ an airline.

Not if you are Bain.

Your job is to leach cash out of Virgin. Management and services contracts with Virgin will be sold by Bain to interested parties before it lists.

The remaining Bain shareholding? That boys and girls, is the "blue sky money" - speculative. If Virgin succeeds, despite Bain, then their entire remaining stake goes to another airline.......

....or if it fails, it goes to Macquarie...who take it private again...polish it up and.......

[Capt Fathom]

Have another read of what I said Sunfish!