Ansett-ACTU staff deal signed
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Ansett-ACTU staff deal signed
"NineMsn"
14:09 AEDST Tue 29 Jan 2002 . . . . . . . .ACTU makes Ansett staff entitlements deal
The ACTU signed an in-principle agreement with would-be Ansett owners Lindsay Fox and Solomon Lew securing $244 million in employee entitlements and clearing the way for unions to support the Tesna sale.
The deal should mean creditors at today's meeting will approve the Fox/Lew bid, but angry Ansett Global Rewards members will confront administrators demanding a ten-fold increase in the value of their frequent flyer points.
More than 2.5 million frequent flyers were owed 67 billion points when Ansett collapsed last September.
Administrators have placed a voting value of $140 million on the claim, but Global Rewards members say the points are worth at least $1.4 billion.
Administrators Mark Mentha and Mark Korda from Andersen said the point value was for voting rights only during today's ballot on the Tesna consortium sale bid.
. . . . . .The amount was not a guaranteed dividend once Ansett's assets were realised, administrators said.
Small businessman and frequent flyer spokesman Jon Caneva said Global Rewards members felt they had been overlooked by administrators.
Members were being advised to vote in favour of the Tesna deal but would be confronting administrators at today's creditors meeting demanding a better deal for Ansett point holders who, of treated properly, could be the airline's largest single creditor, he said.
"We want to see the sale happen but we want to see when the wash up comes we get a true value for out points," Mr Caneva said.
He said while he did not want to take money out of the pockets of small business owners who lost their livelihood when Ansett collapsed, the majority of point holders were "mums and dads" who had scraped and saved their points for a family holiday and were really missing out.
If administrators failed to acknowledge frequent flyers, a class action would be taken in the Federal Court, Mr Caneva said.
The sale is worth $514 million including $270 million in cash and $244 million in employee entitlements.
Ansett creditors are owed $3.4 billion with unsecured creditors owed around $1.9 billion.
The Tesna syndicate includes includes Melbourne businessman Mr Fox and Mr Lew and American investors David Bonderman and Bill Franke.
If today's deal is given the go-ahead Ansett Mark II will be launched this Friday February 1 flying to five mainland cities.
The revamped airline will include a new frequent flyer program which will reward customer loyalty but would not accept points from the old Ansett system.
14:09 AEDST Tue 29 Jan 2002 . . . . . . . .ACTU makes Ansett staff entitlements deal
The ACTU signed an in-principle agreement with would-be Ansett owners Lindsay Fox and Solomon Lew securing $244 million in employee entitlements and clearing the way for unions to support the Tesna sale.
The deal should mean creditors at today's meeting will approve the Fox/Lew bid, but angry Ansett Global Rewards members will confront administrators demanding a ten-fold increase in the value of their frequent flyer points.
More than 2.5 million frequent flyers were owed 67 billion points when Ansett collapsed last September.
Administrators have placed a voting value of $140 million on the claim, but Global Rewards members say the points are worth at least $1.4 billion.
Administrators Mark Mentha and Mark Korda from Andersen said the point value was for voting rights only during today's ballot on the Tesna consortium sale bid.
. . . . . .The amount was not a guaranteed dividend once Ansett's assets were realised, administrators said.
Small businessman and frequent flyer spokesman Jon Caneva said Global Rewards members felt they had been overlooked by administrators.
Members were being advised to vote in favour of the Tesna deal but would be confronting administrators at today's creditors meeting demanding a better deal for Ansett point holders who, of treated properly, could be the airline's largest single creditor, he said.
"We want to see the sale happen but we want to see when the wash up comes we get a true value for out points," Mr Caneva said.
He said while he did not want to take money out of the pockets of small business owners who lost their livelihood when Ansett collapsed, the majority of point holders were "mums and dads" who had scraped and saved their points for a family holiday and were really missing out.
If administrators failed to acknowledge frequent flyers, a class action would be taken in the Federal Court, Mr Caneva said.
The sale is worth $514 million including $270 million in cash and $244 million in employee entitlements.
Ansett creditors are owed $3.4 billion with unsecured creditors owed around $1.9 billion.
The Tesna syndicate includes includes Melbourne businessman Mr Fox and Mr Lew and American investors David Bonderman and Bill Franke.
If today's deal is given the go-ahead Ansett Mark II will be launched this Friday February 1 flying to five mainland cities.
The revamped airline will include a new frequent flyer program which will reward customer loyalty but would not accept points from the old Ansett system.
