Forum Archive Index - September 2001

["Malcolm Cameron" <malharcameron@hotmail.com>]

Hi again Snoopy
I am resident in australia but do not like investing here once you live here 
you pick up the undercurrents & scams that go on. I agree the board has to 
go but with news management contract based in NZ they wouldnot know what 
goes on here & no aussie would tell them. But the big mistake was chasing 
ansett according to newspapers here when the veto went in News Corporation 
witdrew it from sale & they went chasing it. Why do you think most my 
investments are in NZ and with what little I do invest in Australia I use 
Access Brokerage in NZ
Malcolm Cameron


>From: "tennyson@caverock.net.nz" <tennyson@caverock.net.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: sharechat@sharechat.co.nz
>Subject: Re: [sharechat] halfwit air
>Date: Sat, 15 Sep 2001 18:04:41 +0000
>
>Hi Malcolm,
> >
> > Due diligence on
> > accounts does not show Australians sloppy systems and slap happy
> > work Ethics production not quality is the thing.
> >
> >
>Australian sloppy systems are not to blame for this.
>Take a look at the link below
>
>http://www.smh.com.au/news/0109/15/review/review1.html
>
>and you will find this quote from Jim Farmer.
>
>------------------------
>
>Air New Zealand's acting chairman, Jim Farmer, had grim
>  recollections this week of the negotiations with News, which took
>place after Singapore Airlines had lodged a bid. Farmer (a respected
>QC and "competition lawyer in my real life") said the examination of
>Ansett's books before the deal had been so "extremey limited" it had
>been practically worthless.
>
>"Obviously the due diligence process is crucial for establishing
>the financial health of a company but as News Corp had competing
>bidders they were in a position to lay down the rules," Farmer said.
>
>"And while we pushed as hard as we could, the fact was with Singapore
>Airlines ready to write out a cheque, no questions asked, it was a
>seller's market."
>
>-------------------------
>
>There is an old(?) saying in sharemarket investing.  Never fall in
>love with your investment.   It was clear that Jim Farmer and the
>board of the day did just that.
>
>These people were paid $90,000 per year by shareholders for part time
>use of their business expertise (sic).   Yet Air NZ were a part owner
>of the Ansett business since October 1996.   Air NZ directors had
>*three years* to become intimately familiar with the Ansett business.
>News Corp put the hard word on the board to make up their mind.
>'Buy and Hope' is not a substitute for not doing your homework.   Jim
>Farmer must go!  SNOOPY
>
>
>
>---------------------------------
>Message sent by Snoopy
>e-mail  tennyson@caverock.net.nz
>on Pegasus Mail version 2.55
>----------------------------------
>"Dogs have big tongues, so you can bet they don't
>bite them by accident"
>
>
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