more TESNA tap dancing?
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Can't help you there Kaptin M, I get my Herald Sun the old fashioned way, although I'm seriously considering cancelling my subscription.. .Abovedownunder, the word is TJ got his marching orders. Apparently he was required to accept a 7% pay cut, not unreasonable I would think when you consider the new airline is a lot smaller than the old one, however, even though he was happy for everyone else to get payed less, he wasn't, so Fox showed him the door! As is usually the case when these sorts of people get sacked, the official word is they have moved on blah,blah, blah. Dixon probably thought it would make great headlines to give the jerk-off a job and claim it as a coup. I bet Dixon doesn't let him near the Qantas cheque book!
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AAP
MELBOURNE, Feb 22 AAP|Published: Friday February 22, 6:08 PM
. .Ansett's legal team will be working non-stop this weekend to finalise lease transferrals and documents vital to the airline's sale deal due before the Federal Court on Monday.
The court application to approve the terms of sale and to confirm all conditions had been met has been deferred twice already as the pile of documents relating to airports, aircraft and information technology leases awaited the attention of 120 lawyers assigned to the team.
"We think we will get there," Ansett solicitor Leon Zwier said late this afternoon as the outstanding leases waited for final documentation before being signed off.
There was room for one more adjournment, but Tuesday was the absolute limit if everything was to be in place for a February 28 sale, Mr Zwier said.
The number of untied ends was questioned by unions this week as administrators sought the first adjournment at the Federal Court in Melbourne.
"(Ansett barrister Simon) Whelan has expressed himself very cryptically. We don't understand why the matter couldn't proceed today (and) we don't understand why it can't proceed on Friday," ACTU advocate Jonathon Beach told Federal Court judge Justice Susan Kenny on Tuesday.
The court was told Ansett's administrators had placed the original sale agreement in a "sealed envelope" as they negotiated a "more definitive agreement" with lawyers representing the Tesna syndicate headed by Solomon Lew and Lindsay Fox.
Airport representatives said all negotiations relating to airport lease transferrals appeared to be heading to a timely conclusion as documents requested by airport management back in December were finally released by Tesna.
Leases for Sydney, Melbourne, Adelaide, Brisbane and Perth airports are expected to be transferred in time for the sale but only the Sydney airport lease was vital to the sale contract, according to administrator Mark Mentha.
An agreement in principle for this vital lease was reached with the Sydney Airports Corporation Limited (SACL) a week ago today.
SACL officials said at the time the document would be signed off early this week.
This evening it appeared to be still "a work in progress".
Administrators Mr Mentha and Mark Korda have blamed third parties for the delay to the sale process. But parties waiting for lease transferrals all claim their requests to get negotiations started early were ignored.
"It's a much bigger job than they expected," SACL representative Peter Gibbs said.
Despite the last-minute deals and documents still to be completed, all parties believe the February 28 sale deadline will be met and Ansett planes will hit the skies next Friday as part of the new Tesna operation.
By Jane Williams
. .AAP
MELBOURNE, Feb 22 AAP|Published: Friday February 22, 6:08 PM
. .Ansett's legal team will be working non-stop this weekend to finalise lease transferrals and documents vital to the airline's sale deal due before the Federal Court on Monday.
The court application to approve the terms of sale and to confirm all conditions had been met has been deferred twice already as the pile of documents relating to airports, aircraft and information technology leases awaited the attention of 120 lawyers assigned to the team.
"We think we will get there," Ansett solicitor Leon Zwier said late this afternoon as the outstanding leases waited for final documentation before being signed off.
There was room for one more adjournment, but Tuesday was the absolute limit if everything was to be in place for a February 28 sale, Mr Zwier said.
The number of untied ends was questioned by unions this week as administrators sought the first adjournment at the Federal Court in Melbourne.
"(Ansett barrister Simon) Whelan has expressed himself very cryptically. We don't understand why the matter couldn't proceed today (and) we don't understand why it can't proceed on Friday," ACTU advocate Jonathon Beach told Federal Court judge Justice Susan Kenny on Tuesday.
The court was told Ansett's administrators had placed the original sale agreement in a "sealed envelope" as they negotiated a "more definitive agreement" with lawyers representing the Tesna syndicate headed by Solomon Lew and Lindsay Fox.
Airport representatives said all negotiations relating to airport lease transferrals appeared to be heading to a timely conclusion as documents requested by airport management back in December were finally released by Tesna.
Leases for Sydney, Melbourne, Adelaide, Brisbane and Perth airports are expected to be transferred in time for the sale but only the Sydney airport lease was vital to the sale contract, according to administrator Mark Mentha.
An agreement in principle for this vital lease was reached with the Sydney Airports Corporation Limited (SACL) a week ago today.
SACL officials said at the time the document would be signed off early this week.
This evening it appeared to be still "a work in progress".
Administrators Mr Mentha and Mark Korda have blamed third parties for the delay to the sale process. But parties waiting for lease transferrals all claim their requests to get negotiations started early were ignored.
"It's a much bigger job than they expected," SACL representative Peter Gibbs said.
Despite the last-minute deals and documents still to be completed, all parties believe the February 28 sale deadline will be met and Ansett planes will hit the skies next Friday as part of the new Tesna operation.
By Jane Williams
. .AAP
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Zone5
Somebody has just sent me a scan of Terry. .McCranns article, I don't have a scanner. .to copy it and its too long to type, however. .if you email me I can forward the scan to you. .by email.
Wirraway
Somebody has just sent me a scan of Terry. .McCranns article, I don't have a scanner. .to copy it and its too long to type, however. .if you email me I can forward the scan to you. .by email.
Wirraway
Nunc est bibendum
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Here's the latest:
MELBOURNE, Feb 25 AAP - A federal court hearing to ratify the . .Ansett sale deal was adjourned for a third time today as . .administrators admitted they were having difficulty finalising the . .deal.. . The deal first appeared before the court last Tuesday when it . .was adjourned till Thursday, and on Thursday it was adjourned again . .until this afternoon.. . Simon Whelan QC told Justice Susan Kenny as far as the court was . .concerned, the situation had not progressed since last week.. . As well as difficulties finalising the contract with would-be . .buyers Tesna Holdings, there were difficulties with third party . .agreements.. . Agreements in principle which had been reached over a hand shake . .could not be reached in writing, he said.. . He told the court administrators were working with Tesna on a . .deal which may not require judicial approval.. . If the matter has to return to court it would occur on Wednesday . .or before midnight on Thursday which administrators had told . .creditors was the absolute deadline.. . Administrators Mark Mentha and Mark Korda did not attend the . .short proceedings.. . AAP
MELBOURNE, Feb 25 AAP - A federal court hearing to ratify the . .Ansett sale deal was adjourned for a third time today as . .administrators admitted they were having difficulty finalising the . .deal.. . The deal first appeared before the court last Tuesday when it . .was adjourned till Thursday, and on Thursday it was adjourned again . .until this afternoon.. . Simon Whelan QC told Justice Susan Kenny as far as the court was . .concerned, the situation had not progressed since last week.. . As well as difficulties finalising the contract with would-be . .buyers Tesna Holdings, there were difficulties with third party . .agreements.. . Agreements in principle which had been reached over a hand shake . .could not be reached in writing, he said.. . He told the court administrators were working with Tesna on a . .deal which may not require judicial approval.. . If the matter has to return to court it would occur on Wednesday . .or before midnight on Thursday which administrators had told . .creditors was the absolute deadline.. . Administrators Mark Mentha and Mark Korda did not attend the . .short proceedings.. . AAP
Moderate, Modest & Mild.
Is ANYONE surprised? . .I doubt it!. .FLEW got cold feet several weeks ago and can see their hundreds of millions of $$$'s disappearing down the gurgler if they are stuck with Ansett.. .In the meantime the ex-AN staff have been used as the pawns by the ACTU in conjunction with FLEW to prevent anyone else - and specifically the ACTU's biggest threat, LANG - from gaining control of Ansett and ultimately the former ACTU stronghold of the ground staff.. .This message has beeb put across time and again here on PPRuNe, but the people who COULD have made the difference to the outcome - the ANSETT STAFF who were represented by the ACTU - did NOTHING!!
Expect to see ALL remaining money held by Ansett tied up for years as a protracted court battle rages between Andersons and TESNA!!
Expect to see ALL remaining money held by Ansett tied up for years as a protracted court battle rages between Andersons and TESNA!!
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The exit strategy appears to be:
1. Stall until the administrators deadline.
2. After the two Marks pull the plug, blame everyone else for not being cooperative enough and the two Marks themselves for not giving them a 'little bit more' time to complete the deal.
3. Hire a couple of good silks to launch a couple of preemptive law suites to claim the 'moral high ground'.
1. Stall until the administrators deadline.
2. After the two Marks pull the plug, blame everyone else for not being cooperative enough and the two Marks themselves for not giving them a 'little bit more' time to complete the deal.
3. Hire a couple of good silks to launch a couple of preemptive law suites to claim the 'moral high ground'.
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I was under the impression that the arrangement was that all assets were in the name of one company, all staff were to be employed in the name of another. I thought that was the exit strategy!
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A N S E T T C R I S I S . .--------------------------------------------------. .Branson's decision to fly solo puts Tesna in limbo. .Feb 25. .Jane Boyle - Financial Review
Last Friday Sir Richard Branson knocked back a merger proposal that involved a hefty cash payment to his Virgin Group and that would have left him with 50 per cent of an expanded airline that would have flown out of Ansett terminals under the Virgin banner.
It is understood the deals discussed put a valuation of more than $500 million on Virgin Blue, double the $250 million offer from Air New Zealand that Sir Richard knocked back last year.
It is believed the parties discussed a range of options, including flying under the Virgin brand on shorter domestic routes, and using the Ansett brand on longer routes between Perth and the east coast, and potentially to fly to international destinations such as New Zealand and Bali.
Despite their pledge to take on Qantas in the full-service market, it appears Tesna's principals, Mr Lindsay Fox and Mr Solomon Lew, were prepared to consider adopting Virgin Blue's no-frills model and brand - at least on some routes - and to ditch half the Ansett staff they have pledged to employ.
What they weren't prepared to give up was control. But neither was Sir Richard. After all, Virgin Blue is his most profitable airline, a net creditor to the Virgin Group that has proved itself in a four-way battle against a bigger Ansett, Impulse and Qantas.
What must really worry Mr Fox and Mr Lew is that Sir Richard's refusal of a profitable merger deal backs up assertions by Virgin Blue's management that the airline has the financial wherewithal to withstand another savage discounting war.
Tesna sources have repeatedly referred to Sir Richard's need for cash. But the commitment by Sir Richard's 51 per cent-owned Virgin Atlantic last week to a $1.9 billion order as launch customer for the Airbus A340-600 jets, and the rejection of a merger with Tesna, suggest that some of the cash pressures he faced after September 11 last year have abated.
His financial pressures have been eased by a pledge of £300 million compensation from the British Government for its failure to provide adequate infrastructure for one of Sir Richard's railway investments.
In light of Virgin Blue's rejection of a merger, Tesna's US investors, Mr David Bonderman and Mr Bill Franke, may also have second thoughts about backing Tesna.
Mr Bonderman and Mr Franke considered an investment in Virgin Blue before committing to Tesna late last year and Mr Bonderman is close to Sir Richard.
In the past, Sir Richard has even attended corporate retreats held by Mr Bonderman's Texas Pacific Group, a mark of the strength of the relationship, since the Virgin chief normally avoids such events.
If Mr Bonderman and Mr Franke pull out, Tesna will lose a lot of credibility and airline experience.
Ansett has lost key personnel such as its former head of operations, Captain Trevor Jensen, who was snared by Qantas's chief executive, Mr Geoff Dixon, in a coup that further undermined morale at Ansett.
With the departure of people such as Captain Jensen, Ansett has lost vital knowledge about the airline's operations and planning expertise.
In recent months, while Tesna's principals have dashed between meetings with lawyers, they have left operational planning for many parts of Ansett, such as ground handling, to union delegates.
Mr Fox and Mr Lew have stated repeatedly that they will proceed with the acquisition regardless of the Virgin Blue talks. As Tesna sources insist, the pair, worth more than $1 billion, have the cash to launch Ansett. Whether they want to lose it is another matter.
Last Friday Sir Richard Branson knocked back a merger proposal that involved a hefty cash payment to his Virgin Group and that would have left him with 50 per cent of an expanded airline that would have flown out of Ansett terminals under the Virgin banner.
It is understood the deals discussed put a valuation of more than $500 million on Virgin Blue, double the $250 million offer from Air New Zealand that Sir Richard knocked back last year.
It is believed the parties discussed a range of options, including flying under the Virgin brand on shorter domestic routes, and using the Ansett brand on longer routes between Perth and the east coast, and potentially to fly to international destinations such as New Zealand and Bali.
Despite their pledge to take on Qantas in the full-service market, it appears Tesna's principals, Mr Lindsay Fox and Mr Solomon Lew, were prepared to consider adopting Virgin Blue's no-frills model and brand - at least on some routes - and to ditch half the Ansett staff they have pledged to employ.
What they weren't prepared to give up was control. But neither was Sir Richard. After all, Virgin Blue is his most profitable airline, a net creditor to the Virgin Group that has proved itself in a four-way battle against a bigger Ansett, Impulse and Qantas.
What must really worry Mr Fox and Mr Lew is that Sir Richard's refusal of a profitable merger deal backs up assertions by Virgin Blue's management that the airline has the financial wherewithal to withstand another savage discounting war.
Tesna sources have repeatedly referred to Sir Richard's need for cash. But the commitment by Sir Richard's 51 per cent-owned Virgin Atlantic last week to a $1.9 billion order as launch customer for the Airbus A340-600 jets, and the rejection of a merger with Tesna, suggest that some of the cash pressures he faced after September 11 last year have abated.
His financial pressures have been eased by a pledge of £300 million compensation from the British Government for its failure to provide adequate infrastructure for one of Sir Richard's railway investments.
In light of Virgin Blue's rejection of a merger, Tesna's US investors, Mr David Bonderman and Mr Bill Franke, may also have second thoughts about backing Tesna.
Mr Bonderman and Mr Franke considered an investment in Virgin Blue before committing to Tesna late last year and Mr Bonderman is close to Sir Richard.
In the past, Sir Richard has even attended corporate retreats held by Mr Bonderman's Texas Pacific Group, a mark of the strength of the relationship, since the Virgin chief normally avoids such events.
If Mr Bonderman and Mr Franke pull out, Tesna will lose a lot of credibility and airline experience.
Ansett has lost key personnel such as its former head of operations, Captain Trevor Jensen, who was snared by Qantas's chief executive, Mr Geoff Dixon, in a coup that further undermined morale at Ansett.
With the departure of people such as Captain Jensen, Ansett has lost vital knowledge about the airline's operations and planning expertise.
In recent months, while Tesna's principals have dashed between meetings with lawyers, they have left operational planning for many parts of Ansett, such as ground handling, to union delegates.
Mr Fox and Mr Lew have stated repeatedly that they will proceed with the acquisition regardless of the Virgin Blue talks. As Tesna sources insist, the pair, worth more than $1 billion, have the cash to launch Ansett. Whether they want to lose it is another matter.
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Crucial Ansett hearing adjourned. .By Xavier La Canna. .February 25 2002. .The Age
. .A hearing today in the Federal Court failed to ratify the sale of Ansett, after both parties agreed to adjourn the matter until Thursday at the latest.
Simon Whelan, QC, representing the administrators, told the court that "as far as the courts are concerned" both parties had not greatly progressed matters since last Tuesday, when the court case was adjourned until Thursday.
Last Thursday, the case was again adjourned, until today.
Today's adjournment was made sine die, which means it will recommence at no fixed date, but Mr Whelan said a deadline of Thursday made to creditors will be honoured.
"It represents the date by which we told creditors is the last date that we would continue risking their money in pursuit of this sale that is a going concern. So that were an application to be made, Thursday will be the last day. I can tell your honour that it won't be tomorrow, so I suppose it will be Wednesday or Thursday," he said.
Both Tesna and the administrators will try to strike an agreement for the sale before Thursday.
Mr Whelan said that while the administrators had reached an in principle agreement with Tesna, there were problems putting the deal in writing.
"There are problems being experienced in reducing those principal agreements in writing, and even if the principal parties had not decided upon the approach I have described, we wouldn't be able to proceed today because of that issue of the third party," he told the court.
While neither administrators Mark Mentha nor Mark Korda attended court today, they were expected to issue a statement later this afternoon
. .A hearing today in the Federal Court failed to ratify the sale of Ansett, after both parties agreed to adjourn the matter until Thursday at the latest.
Simon Whelan, QC, representing the administrators, told the court that "as far as the courts are concerned" both parties had not greatly progressed matters since last Tuesday, when the court case was adjourned until Thursday.
Last Thursday, the case was again adjourned, until today.
Today's adjournment was made sine die, which means it will recommence at no fixed date, but Mr Whelan said a deadline of Thursday made to creditors will be honoured.
"It represents the date by which we told creditors is the last date that we would continue risking their money in pursuit of this sale that is a going concern. So that were an application to be made, Thursday will be the last day. I can tell your honour that it won't be tomorrow, so I suppose it will be Wednesday or Thursday," he said.
Both Tesna and the administrators will try to strike an agreement for the sale before Thursday.
Mr Whelan said that while the administrators had reached an in principle agreement with Tesna, there were problems putting the deal in writing.
"There are problems being experienced in reducing those principal agreements in writing, and even if the principal parties had not decided upon the approach I have described, we wouldn't be able to proceed today because of that issue of the third party," he told the court.
While neither administrators Mark Mentha nor Mark Korda attended court today, they were expected to issue a statement later this afternoon
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ABC News Online
Posted: Mon, 25 Feb 2002 18:50 AEDT
Ansett sale still on hold
Ansett administrators say they will not need Federal Court approval to sell the airline to the Tesna consortium.
Time is running out for all parties as the Thursday deadline looms closer.
Despite being granted an adjournment in the Federal Court over the sale process, Ansett administrators say they will not need court approval to close the deal with Tesna.
The court heard there are still issues involving third parties that need to be resolved.
Administrator Mark Korda says final documentation on terminal and plane leases are yet to be signed and an in-principle agreement with Sydney airport still needs to be put in writing.
"We need to get all the other airports over the line and we have the leases for all 19 aircraft that need to be signed off," he said.
Mr Korda has strongly ruled out any extension to Thursday's sale deadline, if there are further delays.
But he will not predict what will happen if the sale falls through.
Posted: Mon, 25 Feb 2002 18:50 AEDT
Ansett sale still on hold
Ansett administrators say they will not need Federal Court approval to sell the airline to the Tesna consortium.
Time is running out for all parties as the Thursday deadline looms closer.
Despite being granted an adjournment in the Federal Court over the sale process, Ansett administrators say they will not need court approval to close the deal with Tesna.
The court heard there are still issues involving third parties that need to be resolved.
Administrator Mark Korda says final documentation on terminal and plane leases are yet to be signed and an in-principle agreement with Sydney airport still needs to be put in writing.
"We need to get all the other airports over the line and we have the leases for all 19 aircraft that need to be signed off," he said.
Mr Korda has strongly ruled out any extension to Thursday's sale deadline, if there are further delays.
But he will not predict what will happen if the sale falls through.
Bottums Up
If AN Mk x doesn't get up, as appears more and more likely, with further adjournments, won't Lang be able to walk up and obtain the terminal leases and other desirable assets, at fire sale prices, and then continue with their planed investment in, and growth of, Virgin?