"The Ansett Plan"

[Austin_Powers2]

Heard a rumor the other day about "The Plan" . .I could never understand why an Airline in Adminstration was worth more money flying at a enormous loss than if it was liquidated. Now it all falls into place, but unfortunately for Tesna and the two Marks it looks like it will not pay off. The plan depended on the creditors picking up all the losses while the buyer TESNA waited in the wings to take over once the deed was done. The plan was to send Virgin broke, Ansett could not go broke as it was already broke. Unlike other companies in Australia that can not trade while insolvent, it seems Ansett was a special case as "it is worth more flying than if liquidated" With Virgin out of the picture it would be plain sailing. I see in today's Australian that the Administrators now want legal sanction to continue trading while insolvent, maybe they hope another month will finish Vigin off.

Sound like a Plan???

[Tool Time Two]

Sounds like you're right.. .Not only that, but the government is a party to the deal.. .It seems like a smart lawyer is needed and some serious funding to put the cat among the pigeons, and challenge this nonsense in court.. .Would have thought there would be the odd creditor who would be cheesed off enough to do it. <img src="cool.gif" border="0">

[dingo084]

The plan always has been to create another entity, transfer all the liabilities to it leaving only the Ansett name with the assets to be 'transferred' to Tesna. This shuffling was supposably to have taken place just prior to midnight on 31 Jan 02.

ding <img src="rolleyes.gif" border="0">

[ 05 February 2002: Message edited by: dingo084 ]</p>

[Buster Hyman]

Okay then, this would be the same government that sent AN packing & intervening in the "rescue" that was before the NZ govt?

I know FLEW are 2 shrewd businessmen, but a limping airline running at a loss was going to bring down Virgin? Please...! <img src="rolleyes.gif" border="0">

My sources tell me that the deal could be signed by the 20th of this month, time will tell.

[ 05 February 2002: Message edited by: Buster Hyman ]</p>

[Capt_Zoolander]

Buster, how can Virgin or any other company compete against an insolvent company that is happy to lose its creditors money? This does not happen in the real world. The Government had their chance to save 16,000 jobs and who knows how many others back in September. It's too late now the jobs are gone for ever.

[Buster Hyman]

Very well apparently Capt. Z! If reading pprune is any guide & their purported $8million profit so far, it must be very easy to make money against an insolvent company.

And thank you for highlighting my first point. <img src="smile.gif" border="0"> The Govt. "allegedly" threw a spanner in the works of AN & now are doing the same to DJ? QF better watch out, I think the government must've enjoyed using the RAAF during '89, enough to nationalise aviation it seems!! <img src="eek.gif" border="0"> <img src="rolleyes.gif" border="0"> <img src="wink.gif" border="0">