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2015 as an example..... Virgin Australia Domestic reported Underlying EBIT of $111.1 million for the 2015 financial year, an improvement of $210.1 million on the prior corresponding period. Operating margins improved from -3.1 per cent to +3.4 per cent. Virgin Australia International reported an Underlying EBIT of -$68.9 million for the 2015 financial year, a decline of $22.8 million on the prior corresponding period. LAX was reported to be their 'only' long haul destination making revenue. No use keeping the 777 (even if they ended up mortgaged/borrowed against at the time VA 1.0 filed voluntary administration) if the other long haul destinations i.e HKG, AUH, et al even with former owners support in HNA, EY et al were bleeding red ink/losing money on a weekly basis. |
Originally Posted by Sunfish
(Post 11420432)
Bain doesn't do "Pump and Dump" it is worse than that.
Bargain hunters beware! Bain isn't going to run away and leave a ravished virgin to be picked up by bargain hunters and carted off to the hospital for a bit of emergency surgery, a new dress, bit of lippy, a new haircut and she'll be right as rain won't she??? Errr, no. Virgin after Bain is syphilitic but much more difficult to cure. Bain is in the process of inserting itself into Virgin exactly like a parasite. There will be management and consulting contracts. Bain and its friends will also have service contracts. There will be lease agreements. These contracts will have many years to run. They will have exit penalties that effectively prevent a new owner from touching them. They will have automatic indexation. There will be renewal rights and massive termination payments. Not a day will go by without Virgin writing a cheque to a Bain entity for decades. And of course Bain plans to maintain a shareholding. That is intended give them a Board seat to watch over the new Board to prevent disinfection efforts. And if Virgin still thrives what will Bain do with their shareholding? Why sell it to Virgins competitors of course. Sunfish, can you provide previous examples of such behaviour by Bain? |
Bain is still well and alive in A2 Milk and Tennis Australia, just like it will be for a long time yet with this company. I remember a quote from the executive who replaced her at A2 Milk, something around "Bain consultants crawling all over the business" then "I just need to get into the weeds to understand it more". He got into he weeds, then figured out he wasn't able to get out. He recently promoted a new Head of Strategy, a Bain alumni.
Sunny is right. They will be writing cheques to Bain for a long while yet. That will increase in frequency when they have sold most of the business at the top of the cycle. Now they spend 20 years milking fees. |
Originally Posted by Mr_App
(Post 11420565)
... He recently promoted a new Head of Strategy, a Bain alumni.
... |
Originally Posted by MickG0105
(Post 11420681)
I'm pretty sure that a2 Milk Managing Director and CEO, David Bortolussi (formerly of McKinsey and PWC, just by the bye), has not promoted a new Head of Strategy. Eleanor Khor has held that role at a2 since 2018.
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Jack D Ripper examples?
https://www.theatlantic.com/magazine...equity/561758/ https://pitchbook.com/news/articles/...ital-kkr-execs https://www.rollingstone.com/politic...apital-183291/ https://www.rollingstone.com/politic...talism-241519/ Ohh Yes, and this: https://www.afr.com/companies/financ...0201212-p56mxy But there is more Jack; I've had to work with bastards like these and I still have the scars. Your job, career, truth, decency, ethics, honor mean nothing to these psychopaths. This clip from "succession" epitomises their behaviour. I have seen "games" very, very close to this. |
And another thing Jack; I'm labeling you as a Bain sock puppet based on your posts such as these:
hat makes you think VA has a monopoly on ‘MBA types’? Not even close. Does it surprise you? They are smart, think alike, are commercially savvy, work as a team and can communicate incredibly effectively. Sadly the reality is that the days of people with deep operational experience running airlines are long gone. Can’t imagine Jayne or Bain tolerating mediocrity, particularly given the perilous nature of the airline (and industry) at the time. Old mate may have simply found he was not a good fit for the new performance culture. [Still don’t get why the cynicism towards company attempts to ‘invigorate and energise’? Would you prefer ignore and demotivate? VA amazes me, people who, by all accounts would have been unemployed if not for Bain are now bitter and twisted. Maybe you need to talk to the ex Ansett people who didn’t have a saviour and ended up unemployed or starting again at the bottom of someone’s seniority list. |
Todays AFR says the whole thing is off for now - and they’ve found a way to blame Boeing - late delivery of the MAX apparently
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I am fairly sure they get that Toyko slot taken away if they don’t use it by they said date, which is a touch over 2 months away. Whoooooopsy.
That route will be a disaster for passengers regardless with diversions, engineering dramas. Just wait until one breaks down in Japan. Anyone fancy a three stop trip Sydney to Toyko on a 737-700? Should have kept a few A330s on re negotiated leases, could have kept Brisbane to Los Angeles too. |
Why doesn't VA use an ACMI operator with a widebody to fly to Tokyo? Maybe they didn't think of that. I see Air New Zealand flying into Perth with one.
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With UA's recent adds to CHC and BNE (plus BNE-LAX for the Northern Winter) for the upcoming Northern Winter season (with varying start dates from Late October till end of November), plus with UA reintroducing AKL-LAX. Safe to say any VA return to USA on their own metal has now been firmly ruled out.
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Originally Posted by DanV2
(Post 11421883)
With UA's recent adds to CHC and BNE (plus BNE-LAX for the Northern Winter) for the upcoming Northern Winter season (with varying start dates from Late October till end of November), plus with UA reintroducing AKL-LAX. Safe to say any VA return to USA on their own metal has now been firmly ruled out.
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Originally Posted by JetFixer
(Post 11421777)
Why doesn't VA use an ACMI operator with a widebody to fly to Tokyo? Maybe they didn't think of that. I see Air New Zealand flying into Perth with one.
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Originally Posted by greenslopes
(Post 11422110)
The terms require that the airline using the slot, to use their own ‘Tin’, they cannot wetlease, sublease, crosslease or any other kind of lease.
not so! For example Air Vanuatu were using Nauru Airlines on an ACMI basis recently on the AIr Van schedule to/from Australia. |
Originally Posted by TBM-Legend
(Post 11422134)
not so! For example Air Vanuatu were using Nauru Airlines on an ACMI basis recently on the AIr Van schedule to/from Australia.
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Originally Posted by TBM-Legend
(Post 11422134)
not so! For example Air Vanuatu were using Nauru Airlines on an ACMI basis recently on the AIr Van schedule to/from Australia.
Agreement between the Government of Australia and the Government of the Republic of Vanuatu relating to Air Services By comparison the agreement with Japan has nonspecific wording https://www.info.dfat.gov.au/info/tr...256afb001b3e9d |
The terms require that the airline using the slot, to use their own ‘Tin’, they cannot wetlease, sublease, crosslease or any other kind of lease. |
Originally Posted by Vag277
(Post 11420060)
I am amazed how many airline managers are on this site when it appears that they could do a better job than the current incumbents....or is just the Australian sport of cutting down tall poppies without putting your hand up to do a better job!
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Unless the Japanese have changes the rules, how did JAL have damp leased B743s from Qantas for quite some time? Not only that, slot usage does not fall within the terms of a bilateral - there's a big difference between 'rights' and 'slots'. The two are not mutually exclusive. |
Australia is a candy shop for scammers, multi billions of dollars a year, the VA IPO will just be another in a long line of scams. You would think that VA Mark 1 would turn most away, how to turn 2.25 into 0, but people are basically dumb.. and greedy, so I'm sure they'll get plenty of suckers
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