When Peter Hedge from PWC first shut the doors on Ansett that September 14 in 2001, and the two Marks rode in a week later to save the day, there was one thing with which they could rely on. A Market. And it still failed.
My fear, is that this pandemic will have such profound and long lasting consequences that there simply will not be sufficient demand for any sort of meaningful recovery of the aviation sector. Certainly not in the short term, and definitely not to the extent we have seen in the previous 2 decades. Hopefully I’m wrong? |
Is there an argument for saying that no player will want to be involved in a Virgin replacement until the domestic market is back up and running - because that could be well into next year.
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Originally Posted by Rashid Bacon
(Post 10765425)
Is there an argument for saying that no player will want to be involved in a Virgin replacement until the domestic market is back up and running - because that could be well into next year.
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Originally Posted by KRUSTY 34
(Post 10765423)
... there was one thing with which they could rely on. A Market. And it still failed.
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Originally Posted by Buster Hyman
(Post 10765462)
Yes, but it failed because two greedy opportunists were caught out & when their bluff was called, they scurried away.
But there was still a demand for services for Virgin Blue to fill. |
Originally Posted by KRUSTY 34
(Post 10765496)
Correct BH.
But there was still a demand for services for Virgin Blue to fill. |
Originally Posted by Buster Hyman
(Post 10765541)
Yes, agreed. The market was somewhat diminished due to uncertainty, but absolutely, there was an opportunity to grab a slice of it. K&M were too busy building their Empire to notice they were being played...but I doubt they cared anyway.
like I said, I hope I’m wrong. |
Perhaps a new Airline starting up could be called " Ponzi Air" -) Kinda fits the Airline game very well!
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I wonder how much the final liquidator will make on the hopes and dreams of 10,000 Virgin employees? |
So- HERE 'we' do GO....., Then!!
Bulky 'stuff' and shall just plant 'it' here/on this thread.................., as opposed to the 3/or 4x options.
Nil 'Minutes' of today's proceedings, yet. Way Too much to load and 'dissect'- should 'you' be In it, review the submissions/'Related Documents' listed on the Administrators Virgin page today- dating back/lodged with 'the' Court prior/preceding today's events/or statutory requirements, as it were: Deloitte/VAH link: https://www2.deloitte.com/au/en/page...sidiaries.html 'It', does look to be- ON???? Rgds all S28- BE |
Originally Posted by Icarus2001
(Post 10764753)
I believe the first creditors meeting is this Thursday 30 April. They applied to the court to allow a video conference.
Something most assuredly does not add up there. |
Mick, look up the definitions of being “liquid” (having cash) and being solvent. Virgin may not be solvent, but it is currently liquid.
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Originally Posted by Sunfish
(Post 10765813)
Mick, look up the definitions of being “liquid” (having cash) and being solvent. Virgin may not be solvent, but it is currently liquid.
I want to know if their 13 March 2020 ASX filing that 'The group currently has a cash position in excess of $1 billion ...' was correct. 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. |
Originally Posted by MickG0105
(Post 10765799)
I'll be very interested to learn what Virgin's cash balance was when they entered administration because there's something not quite right with how they went from ostensibly having 'a cash position in excess of $1 billion' on 13 March according to their advice to the ASX to 'fighting to survive on a day-to-day basis' according to Aggs on 17 April. Most analysts thought that $1 billion would have given them variously between three to eight months of runway and yet there they were just 38 days later trying to scrounge a $200 million grant to get through the next two weeks.
Something most assuredly does not add up there. |
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." "Time'- shall reveal, the............ Rgds all S28- BE |
Originally Posted by Paragraph377
(Post 10765836)
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.
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. |
Originally Posted by Blackout
(Post 10765885)
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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? |
This is getting worse by the day
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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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