I think you have failed to reach the level of sophistication required to understand the correlation between the two things = 1.
Para 1 outlined the modern expectation that everything is free and someone else always pays. The irony TinyBrain is that IS the perfect description of Adrian Ballantine. The remainder outlines the reasonable expectation people will deliver what was promised them, and no logical person believes the supplier has the right to constantly change the goal posts and not be held accountable. In case I was too obtuse I will spell it out - my Telstra guy = Adrian Ballantine.
We have handsomely rewarded him with $1m + salary BUT he has expected the ride to be free, immune from consequences for his failure to deliver. He believes the investor has no right to expect results and that he can spend our money on massive salaries, a lavish lifestyle of corporate excess and cronyism and undisclosed related party dealings.
He believes the 'promises' he has made were definitely 'non-core' promises, and in fact more closely resemble 'guidelines'. He believes shareholders actually have no right to expect a satellite to be delivered in 2012 as promised and they have no right to expect it in 2016 either. We have no right to expect Jabiru 2 to be filled as he promised. He expected the pay packet with no strings attached and that 'someone else pays'. He is the archetype of the age of entitlement. Happy to take the money but refuses to be held accountable.
There is nowhere on this planet where an investor makes the decision to invest based on an expected return of zero (outside of a deflationary environment where zero is actually positive). THAT TinyBrain is the moral of the story. We have stepped up. We have paid for our shares and it is now time for delivery.
One thing you have failed to mention about Richard Branson is he NEVER, NEVER, NEVER blames someone else for his failure to deliver. He has owned them and learnt from them. In this situation I guarantee if asked he would say Adrian Ballantine must step down as a sign of personal integrity, accountability to the people who trusted him to deliver the corporate goals, and for the sake of the company's reputation.
NWT Price at posting:
11.5¢ Sentiment: None Disclosure: Held
