The ANswer. Arise Sir Reginald your dream is alive.
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The ANswer. Arise Sir Reginald your dream is alive.
Geoff Dixon has already identified the solution. A cheapy to keep his “premiums” and the virgin happy.
The airline
The only thing Geoff got wrong was the name. Instead of Australian Airlines it should be Ansett Australia. The corporate shell, infrastructure and committed staff are in place. Their EB would be easier to negotiate than the current QF “stop” workers. We keep the name and Dick would be singing the aeroplane jelly song.
The management
That left AN when McMahon took his knuckle dusters to Essendon. Meanwhile, QF’s current BA board member and former AN CEO Rod Eddington prettied Ansett up for sale to BRY’s cushion-head; consequently he has an intimate knowledge of the Ansett books. Let’s not forget CEO Geoff Dixon who set them up from scratch as a former CFO at Ansett. By the way just in case you’ve forgotten, there is no love lost between BA and the virgin, who is in SQ’s pocket, who themselves have done another eleventh hour dummy spit just today. That'll teach us white trash. The new AN CEO has been nominated so the committed team is ready.
The money and the banks
Blinded by ego and ignorance the AIZ board borrowed from the banks to finance the overpriced Ansett. For a big fee both relied on Salomon Smith Barney for shonky due diligence assurances. Chris Skace (RIP) and Alan Bond have been hounded for less. Like the rest of us both AIZ and the banks must seek their remedy in the debtors court and not in the Australian parliament or from the Australian people. Sorry Helen but 150 Afghans don’t buy that amount of favours. Anyway what’s another $1.3bn to the banks, NAB just lost $3.05bn to the yanks, and this money is at least closer to home.
The assets
With the bank debt being fought in the NZ courts the way is left open for only those assets necessary to structure the new AN to be bought by QF at bargain prices. Worthless or expensive leases for broken airplanes can be left to the lessors/creditors. The CRJ and 146 would belong to the lessors.
The customers
Those that know and love Ansett will get their travel cheaper in an icon airline owned by another icon airline. The vegemite set will be wetting themselves.
The virgin
As well as keeping the thin unprofitable QF routes alive AN will be on a level field with no unprofitable regionals to service. Like virgin, QF can deploy AN efficiently and legally as an independent entity to concentrate on the high-density profitable routes. QF can concentrate on the premiums maybe turning the regionals into premiums.
Entitlements/redundancy payments
The FIRB sat back and allowed this fiasco to develop. Peter Costello's government fostered Ansett achieving foreigner status. John Anderson has admitted as much on the box today. For those who may have to forego the excitement of working for QF the responsibility for guaranteeing the severance entitlements and redundancy payments would become a welfare budget problem. Those responsible should meet their obligations and we all watched as the government allowed this situation to develop.
ACCC
Well Alan this should bring some colour back, you looked very sick explaining away a monopoly last night on the box. QF would now have a low cost operator like Freedom to swamp the NZ mainland with cheap fares. Virgin gets a real competitor and the customers are over the moon. QF, the monopoly that’s only a monopoly when it suits, still gets to cream the premiums. SQ is off destabilising another airline by pretending that they are interested in saving it with there big bucket of money and little man syndrome. Everyone's happy.
Little Johnny
Off the hook again. He saves an icon (Dick may stop picking on him), preserves jobs, provides competition for the punters, stops more small businesses going under, allows the big bad banks to take a caning, stopped the dreaded formation of a monopoly and all at minimal cost to the tax payer. You’re on a winner John, oh and you too Pete. It's just Aussies helping Aussies to scre* kiwis, that's fair.
QF Staff
They will get the big salaries and leftover wine, as they will only be servicing the premiums. That’s fair, the premiums served by the premiums. They will feel so important and superior and isn’t that what it’s all about? Geoff will have a little cheapy to bash and talk down during EB’s so he’ll feel important.
And they all lived happily after.
The airline
The only thing Geoff got wrong was the name. Instead of Australian Airlines it should be Ansett Australia. The corporate shell, infrastructure and committed staff are in place. Their EB would be easier to negotiate than the current QF “stop” workers. We keep the name and Dick would be singing the aeroplane jelly song.
The management
That left AN when McMahon took his knuckle dusters to Essendon. Meanwhile, QF’s current BA board member and former AN CEO Rod Eddington prettied Ansett up for sale to BRY’s cushion-head; consequently he has an intimate knowledge of the Ansett books. Let’s not forget CEO Geoff Dixon who set them up from scratch as a former CFO at Ansett. By the way just in case you’ve forgotten, there is no love lost between BA and the virgin, who is in SQ’s pocket, who themselves have done another eleventh hour dummy spit just today. That'll teach us white trash. The new AN CEO has been nominated so the committed team is ready.
The money and the banks
Blinded by ego and ignorance the AIZ board borrowed from the banks to finance the overpriced Ansett. For a big fee both relied on Salomon Smith Barney for shonky due diligence assurances. Chris Skace (RIP) and Alan Bond have been hounded for less. Like the rest of us both AIZ and the banks must seek their remedy in the debtors court and not in the Australian parliament or from the Australian people. Sorry Helen but 150 Afghans don’t buy that amount of favours. Anyway what’s another $1.3bn to the banks, NAB just lost $3.05bn to the yanks, and this money is at least closer to home.
The assets
With the bank debt being fought in the NZ courts the way is left open for only those assets necessary to structure the new AN to be bought by QF at bargain prices. Worthless or expensive leases for broken airplanes can be left to the lessors/creditors. The CRJ and 146 would belong to the lessors.
The customers
Those that know and love Ansett will get their travel cheaper in an icon airline owned by another icon airline. The vegemite set will be wetting themselves.
The virgin
As well as keeping the thin unprofitable QF routes alive AN will be on a level field with no unprofitable regionals to service. Like virgin, QF can deploy AN efficiently and legally as an independent entity to concentrate on the high-density profitable routes. QF can concentrate on the premiums maybe turning the regionals into premiums.
Entitlements/redundancy payments
The FIRB sat back and allowed this fiasco to develop. Peter Costello's government fostered Ansett achieving foreigner status. John Anderson has admitted as much on the box today. For those who may have to forego the excitement of working for QF the responsibility for guaranteeing the severance entitlements and redundancy payments would become a welfare budget problem. Those responsible should meet their obligations and we all watched as the government allowed this situation to develop.
ACCC
Well Alan this should bring some colour back, you looked very sick explaining away a monopoly last night on the box. QF would now have a low cost operator like Freedom to swamp the NZ mainland with cheap fares. Virgin gets a real competitor and the customers are over the moon. QF, the monopoly that’s only a monopoly when it suits, still gets to cream the premiums. SQ is off destabilising another airline by pretending that they are interested in saving it with there big bucket of money and little man syndrome. Everyone's happy.
Little Johnny
Off the hook again. He saves an icon (Dick may stop picking on him), preserves jobs, provides competition for the punters, stops more small businesses going under, allows the big bad banks to take a caning, stopped the dreaded formation of a monopoly and all at minimal cost to the tax payer. You’re on a winner John, oh and you too Pete. It's just Aussies helping Aussies to scre* kiwis, that's fair.
QF Staff
They will get the big salaries and leftover wine, as they will only be servicing the premiums. That’s fair, the premiums served by the premiums. They will feel so important and superior and isn’t that what it’s all about? Geoff will have a little cheapy to bash and talk down during EB’s so he’ll feel important.
And they all lived happily after.
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Psittacine
That's it in a nutshell.
In the PPB (posterior prtection business) that's what will happen.
The real sh?t fight will not be over the assets cos there ain't any, it will be over who wears the liabilities that remain uncpvered. It will be interesting to see how the All Blacks try and wriggle out of the covenants on the debt they raised to buy the corpse in the first place.
I expect this to dragh through the courts for years...and if you are a shareholder in NAB or CBA don't expect you are a dis-interested bystander.
That's it in a nutshell.
In the PPB (posterior prtection business) that's what will happen.
The real sh?t fight will not be over the assets cos there ain't any, it will be over who wears the liabilities that remain uncpvered. It will be interesting to see how the All Blacks try and wriggle out of the covenants on the debt they raised to buy the corpse in the first place.
I expect this to dragh through the courts for years...and if you are a shareholder in NAB or CBA don't expect you are a dis-interested bystander.
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Yeah our friend Cicutto is having a real bad week.
Can't say I have any more sympathy for him than he had for his REAL customer base when he decided to abandon them for the apparently brighter lights OS.
Given his background it is both surprising and not surprising.
He is finding out the hard way that if you want to play with the big kids you gotta be as least as smart and take your medicine.
Watching him in the press conference with his Chairman where they announced the loss he looked and sounded just like Telstras Zwitkosvi a defrocked legend in his own lunchbox.
He presided over the US deal and the AirNZ deal, pretty good judgement hey and they continue to play in sandpits where they do not have direct supervision. The young tyro in coloured braces brigade are finding out that this is not just a computer game it's about real life with real money.
Can't say I have any more sympathy for him than he had for his REAL customer base when he decided to abandon them for the apparently brighter lights OS.
Given his background it is both surprising and not surprising.
He is finding out the hard way that if you want to play with the big kids you gotta be as least as smart and take your medicine.
Watching him in the press conference with his Chairman where they announced the loss he looked and sounded just like Telstras Zwitkosvi a defrocked legend in his own lunchbox.
He presided over the US deal and the AirNZ deal, pretty good judgement hey and they continue to play in sandpits where they do not have direct supervision. The young tyro in coloured braces brigade are finding out that this is not just a computer game it's about real life with real money.
