Forum Archive Index - September 2001

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi nick
> 
>Snoopy
> 
>You're a legend!  Spot on, as has been most of your stuff regarding
>AIR NZ.
> 
>Cheers
> 
>NK
> 
>


Thanks Nick.  Maybe there is a reason the directors are looking at an 
uneven handed restructuring proposal?   Perhaps being under the 
suspicion of being reckless, directors are now going ahead with this 
restructuring proposal to remove all doubt!   

In so doing, they provide the excuse needed to move statutory 
managers in!  Thus Brierley and Singapore Airlines are removed from 
the drivers seat which will remove relative disadvantage other 
shareholders have had up until now in determining the direction of 
the company!   

Feigning incompetence, just to get the small shareholder back on top! 
  What an absolutely brilliant plan!  I hereby take back all 
disparaging remarks I have made about Jim Farmer's management skills 
on this forum up to now.   I could never have envisaged such a master 
strategy.  It is just as well we had someone like Farmer there who (I 
hope) was bright enough to come up with it!

On a more sombre note, one of the areas where I was wrong was, a few 
weeks back, in suggesting that people swap their AIRVA shares for 
AIRVB.  Bad call!   Although in fairness both classes of shares are 
now down the bottom of the toilet bowl, with Singapore 
Airline's/Brierley's hand poised on the cistern trigger.   

I am curious though, as to why the AIRVB share price is now lower 
than AIRVA when theoretically they should (now) be the same (I 
think!).  Anyone got any theories?  If anything, with Singapore 
Airlines commitment in doubt, there is now less of a reason to 
dispense with the A and B share structure, which might just make the 
Bs worth more again (?) SNOOPY

disclosure:  Hold AIRVB, although funnily enough, it is only a small 
part of my portfolio now :-(


---------------------------------
Message sent by Snoopy 
e-mail  tennyson@caverock.net.nz
on Pegasus Mail version 2.55
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"You can tell me I'm wrong twice, 
but that still only makes me wrong once."


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