View Full Version : Ansett...............gone
Talks yesterday between Lew/Fox and Virgin to let Virgin do the flying and Fox/Lew the ground work (airports) did not go well. Ansett are currently losing an equivalent of $1billion a year...worse than under AirNZ.
Watch out for the courts to ground Ansett
Shinboners
10 Feb 2002, 18:15
Interesting that Fox/Lew are chatting to Virgin.
I think the main reason why Fox got involved is that he didn't want to allow Patrick Corporation (formerly Lang Corporation) to get their hands on Ansett's freight operations. With Patricks having port facilities and now (along with Toll Holdings), the rail facilities, Fox's freight business which is based on road freight would be under severe pressure from the fully integrated service that both Patricks and Toll could offer.....especially if Patricks and Toll merge sometime in the future.
Maybe Ansett will be broken up....domestic services to Virgin, the Sydney airport terminals to Virgin (or even the Macquarie Infrastructure Group), and the Ansett freight services to Fox.
In the meantime, the administrators are over a barrel (since they legally are personally liable for Ansett's operations) and the unions are screwed because they publically pushed for the Fox/Lew deal over the Patricks/Virgin one.
King ofthe Mark
27 Feb 2002, 10:18
official......Tesna has pulled out
Shinboners
27 Feb 2002, 12:58
Qantas shares have gone up by about 10%, but interestingly, Patricks Corporation shares have gone up by about 4%. Perhaps with the two Marks (the Andersens administrators) are now in a position where they must have a fire sale of what's left of Ansett's assets.
Voice of Reason
27 Feb 2002, 13:30
Andersens don't come out of this looking too pretty (again).
They ignored two other possible bids - to the extent of not even talking to the bidders - because Ansett was "sold" to Fox & Lew aka Tesna. No it wasn't. Many suggested that Fox was only in it to protect his logistics company and get hold of Sydney airport facilities. Creditors meeting had to approve anyway. It was never a done deal.
This could be incompetence - or worse. Andersens got the job because of the unions primarily (although I think all of the rest of the Big Five were conflicted out too). The other serious bidder was Chris Corrigan's mob. The unions hate Corrigan more that anyone else after the ports saga.
Join up the dots.
Fat Red
27 Feb 2002, 15:46
Originally posted by Voice of Reason
This could be incompetence - or worse. Andersens got the job because of the unions primarily (although I think all of the rest of the Big Five were conflicted out too). The other serious bidder was Chris Corrigan's mob. The unions hate Corrigan more that anyone else after the ports saga.
Join up the dots.
That's right. PWC had it first. They were accused by the unions of being conflicted out because they had advised Air NZ about Ansett, but that advice was only given AFTER the collapse; the conflict was a bit of a fantasy, but the allegation was enough for them to pull out.
Andersen have been in bed with the unions and it has come back and bit them on the face.
The unions themselves must take a lot of blame for this; they stitched up the other creditors and didn't save their members' jobs.
Typical Australian insolvency fiasco; our business standards and nepotism/old boy's clubs are a joke.
Although after Enron we have nothing on the US it seems.
Dr Zaius
27 Feb 2002, 19:37
Originally posted by Fat Red
That's right. PWC had it first. They were accused by the unions of being conflicted out because they had advised Air NZ about Ansett, but that advice was only given AFTER the collapse; the conflict was a bit of a fantasy, but the allegation was enough for them to pull out.
Andersen have been in bed with the unions and it has come back and bit them on the face.
The unions themselves must take a lot of blame for this; they stitched up the other creditors and didn't save their members' jobs.
Typical Australian insolvency fiasco; our business standards and nepotism/old boy's clubs are a joke.
Although after Enron we have nothing on the US it seems.
For the record Andersens were the auditors of several subsidiaries in the Ansett group.
Normally this would constitute a conflict but the Unions decided otherwise.
RoosLuver
4 Mar 2002, 16:13
Ansett are flying for the last time today at around 9.30pm. After that they wont fly again!
Gotta feel sorry for Ansett staff,especially the Melbourne staff.Not only have they lost their jobs,but they had to suffer Vanessa Amorosi singing at the wake last night.
Maggie Greg
8 Mar 2002, 22:20
Originally posted by JUBJUB
Gotta feel sorry for Ansett staff,especially the Melbourne staff.Not only have they lost their jobs,but they had to suffer Vanessa Amorosi singing at the wake last night.
It may have driven quite a few over the edge Jubby.
Did she sing Shine like in the commercial? YUK! Should change it to DIE!!!