Aer Lingus Selling The Furniture!!
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Aer Lingus Selling The Furniture!!
Make of it what you will lest there be any mud slinging but the following piece is a little on the sad side: 
Bare walls at Aer Lingus as art sale stems losses
By Sophie Barker (Filed: 06/11/2001)
AER Lingus is to sell 25 paintings from its extensive art collection in a bid by the ailing Irish state airline to raise IR£500,000 (£390,625) and help stem its IR£2m-a-day losses.
The works of art, only two of which are currently hanging in Aer Lingus's offices, include a painting by one of Ireland's best-known artists, Jack B Yeats - the brother of the more famous poet.
"By Merrion Strand" is expected to fetch between IR£250,000 and IR£300,000. Its disposal is part of a wider refinancing that will see Aer Lingus sell its travel shops and offices in London, Dublin, Belfast, Limerick and Dun Laoghaire. The airline is also selling two aeroplanes to pay for the IR£40m cost of more than 2,000 redundancies.
A company spokesman declined to say how much the total programme will raise, although it is likely to be a fraction of the cash needed to stave off insolvency. A further chunk of money, thought to be less than IR£100m, will be raised when the Irish government sells a 35pc stake in the airline.
Aer Lingus derived almost two-thirds of its profits from transatlantic routes before September 11. Analysts have estimated the group will need IR£200m just to fund its redundancies and working capital shortfall.
One observer admitted that "IR£500,000 is nothing in relation to what Aer Lingus needs, but this isn't a collection built with love and care over the years . . . this is a gesture to the staff".
Bare walls at Aer Lingus as art sale stems losses
By Sophie Barker (Filed: 06/11/2001)
AER Lingus is to sell 25 paintings from its extensive art collection in a bid by the ailing Irish state airline to raise IR£500,000 (£390,625) and help stem its IR£2m-a-day losses.
The works of art, only two of which are currently hanging in Aer Lingus's offices, include a painting by one of Ireland's best-known artists, Jack B Yeats - the brother of the more famous poet.
"By Merrion Strand" is expected to fetch between IR£250,000 and IR£300,000. Its disposal is part of a wider refinancing that will see Aer Lingus sell its travel shops and offices in London, Dublin, Belfast, Limerick and Dun Laoghaire. The airline is also selling two aeroplanes to pay for the IR£40m cost of more than 2,000 redundancies.
A company spokesman declined to say how much the total programme will raise, although it is likely to be a fraction of the cash needed to stave off insolvency. A further chunk of money, thought to be less than IR£100m, will be raised when the Irish government sells a 35pc stake in the airline.
Aer Lingus derived almost two-thirds of its profits from transatlantic routes before September 11. Analysts have estimated the group will need IR£200m just to fund its redundancies and working capital shortfall.
One observer admitted that "IR£500,000 is nothing in relation to what Aer Lingus needs, but this isn't a collection built with love and care over the years . . . this is a gesture to the staff".
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It is called Semi State, I am sure the new owners of T.E. are going to find some things like this as well! Hey, when it is not your money, flaunt it!
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The 'spokesman' says ". . . this is a gesture to the staff".
So was their original purchase...two up-raised fingers.
But hey, I heard that Tony Ryan refused his pilots in Nigeria a pay rise in 1981 while at the same time giving £60,000 prize money to some 'artist' whose prize winning piece consisted of a neat pile of 60 red bricks!
The Airline Business has always been a vanity one.
[ 07 November 2001: Message edited by: maxalt ]
So was their original purchase...two up-raised fingers.
But hey, I heard that Tony Ryan refused his pilots in Nigeria a pay rise in 1981 while at the same time giving £60,000 prize money to some 'artist' whose prize winning piece consisted of a neat pile of 60 red bricks!
The Airline Business has always been a vanity one.
[ 07 November 2001: Message edited by: maxalt ]
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I presume these fine works of art were in the companies possession in '93 when they could hardly pay next weeks wages. What the **** is going on at ALT. Time for Mr WW to sort things out!
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Although it's hard to remember it when your job is disappearing, there's more to life than money. There's more even to corporate life than money. To think otherwise is very reductionistic.
Err, so I think that it's not inappropriate for a company to have art. But it may be at times like this.
What do correspondents so far think about the fact that Aer Lingus owns a big sports centre for staff? Should that not have been bought either?
Err, so I think that it's not inappropriate for a company to have art. But it may be at times like this.
What do correspondents so far think about the fact that Aer Lingus owns a big sports centre for staff? Should that not have been bought either?
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Nice one gyrohead, wish I'd said that! 
Exile...good point about the Sports complex (ALSAA). They absolutely should sell it if possible, but I actually think it's the staff...not the company...who own the thing!
tech...again, I think the next board meeting isn't until today week.
Exile...good point about the Sports complex (ALSAA). They absolutely should sell it if possible, but I actually think it's the staff...not the company...who own the thing!
tech...again, I think the next board meeting isn't until today week.
