Virgin Australia Financially Secure? [Now in Voluntary Administration]

[muppet]

Lets just presuppose, **if** 1.4m of the 10 m VFF members chipped in money ($10), it could work to collect the $1.4b, no?

Ahhh that would be $14m not $1.4b .....

 

[GoldCanyon340]

Lets just presuppose, **if** 1.4m of the 10 m VFF members chipped in money ($10), it could work to collect the $1.4b, no?

$1,000 each?

 

[Must...Fly!]

Lets just presuppose, **if** 1.4m of the 10 m VFF members chipped in money ($10), it could work to collect the $1.4b, no?

Might need to work on the maths

 

[The Flying Brick]

Liabilities are one thing that has a capped figure to pay, Jobseeker is indefinite until the staff find new employment.

JobSeeker runs out in October

 

[Mr Pumblechook]

I think I read in this thread that VA has $1.2 B in unused bookings, so leave the poor bond holders alone and just ask everybody holding a VA ticket or travel bank to double their investment if they want to ever see their money again

 

[antycbr]

JobSeeker runs out in October

No, JobKEEPER runs out in October. JobSeeker = dole.

It's been doubled at the moment, however there'll be a lot of pressure to not reduce back to base level this as there was a sustained campaign to increase the dole.

 

[33kft]

But wait, there's more! For just 100 easy payments of $10 per month, you could own 1/1400000 of your favourite airline

 

[jakeseven7]

I think I read in this thread that VA has $1.2 B in unused bookings, so leave the poor bond holders alone and just ask everybody holding a VA ticket or travel bank to double their investment if they want to ever see their money again

You are brave haha there are AFF members with thousands stuck in VA travel banks right now

 

[RooFlyer]

Lets just presuppose, **if** 1.4m of the 10 m VFF members chipped in money ($10), it could work to collect the $1.4b, no?

Then only $1.39 billion - odd to go!

 

[AustraliaPoochie]

Might need to work on the maths

Indeed.
Anyway, hope it all works out with the new "buyers" plan.

 

[Mr Pumblechook]

You are brave haha there are AFF members with thousands stuck in VA travel banks right now

I have just under the maximum value that's allowed in my VA travel bank, so not as brave as you might think.

 

[Mogul]

Westerners takes over VA and rebrands . Burnings snags in all lounges!!!!!

 

[antycbr]

Westerners takes over VA and rebrands . Burnings snags in all lounges!!!!! View attachment 215718

The Bunnings business model would be quite good for VA though because you'd drive most of your competitors out of business - it even says that "low prices are just the beginning" - after they have the market they're not low!

Snags are great - better than the infamous NZ Hot Dogs

 

[travel_bug]

Westerners takes over VA and rebrands . Burnings snags in all lounges!!!!!

Just remember you've gotta have your onion under your snag!

 

[knagelli]

Latest news circulating :

Victoria confirms $500m bid for Virgin. The state's government confirmed that it considered a bid with Lindsay Fox to save the carrier. Deloitte has outlined seven reasons to buy Virgin. Follow our live coronavirus blog and track how the infection is spreading.

 

[Gold Member]

This is not related to VA’s financial security, but it does give some insight into the perceptions and valuations of VFF points in the current environment. Although ordinary stock and notes (VAH and VAHHA) are suspended from trading, I was interested to note that VFF points were until recently (when all VFF accounts were suspended) trading at roughly 0.5c pp on the black market (*cough OzB Classies*). Pre C-19 they were fetching 1-1.2c pp. It seems that speculative buyers are willing to take the risk that:

a) VFF don’t find them out acting against T&Cs (family transfer) and close their account. With most staff laid off (including teams that most likely look into this type of activity), that could be a good punt for a period of time.
b) Adminstrators/new owners don’t devalue balances or increase redemption rates by more than 50%.
c) The new VFF will actually offer award redemptions on flights and via their online store in a timely manner.

If and when VFF reopens members accounts to perform family transfers, it will be interesting to see how the black market values VFF points at that time.

 

[codash1099]

Virgin Australia shows again that this nation can't sustain two airlines

Competitors to Qantas have a long history of failure, with Australia seemingly only able to sustain one-and-a-half airlines, to the likely cost of air travellers.

www.abc.net.au

 

[codash1099]

Branson continues to do more harm than good. Now made it to the satire pages!

LOL!! Man Who Doesn’t Pay Any Tax Asks For Government Bailout — The Shovel

In one of his most hilarious stunts yet, British man Richard Branson has asked the government to bailout his airlines. Branson, who relocated to a private Caribbean island in 2007 in order to avoid paying tax and is famous for his cheeky media pranks, released a hilarious video asking Australian...

theshovel.com.au

He also famously told the UK government some years ago that they shouldn't bail out BA when they looked like being in trouble. Rather they should let BA fail and leave it to VS and other "more efficient" to pick up the pieces

 

[The Flying Brick]

No, JobKEEPER runs out in October. JobSeeker = dole.

It's been doubled at the moment, however there'll be a lot of pressure to not reduce back to base level this as there was a sustained campaign to increase the dole.

My Bad!
Similar names but different programs.

However both run out in October with JobKeeper finishing and Job Seeker turning back into the ordinary $275 p/w dole.

Would need a further stimulus Bill to keep the extra $$ flowing after current funding ceases/is fully expended.

 

[holdenmg]

What would Westfarmers call "VA Mk II"? -

FlyBuys Airways, Coles Air, Air Kmart? Bunnings Express?

Red Apple

Westerners takes over VA and rebrands . Burnings snags in all lounges!!!!! View attachment 215718