to all shareholders, page-6

Qantas's board should have been sacked a long time ago and that would still not have dented Qantas's performance as a protected, government underwritten creature of comfort.

We are an isolated outpost with four banks and an Airline. In order for these to survive they are given certain privileges including being able to call themselves 'private'. You believe that and you'll believe the earth is flat. At least the latter assumption has some degree of credibility if you use your eyes alone.

Qantas now is ready for a real vulture and a second group to have a go at it for a lesser or the same price. Because the first shot was to soften the ground and the heads of many shareholders.

It is not the unions and the pilots who are the drivers of shareholder sentiment but the dollar of the investment. Like what Lew did the second time around in the Coles sell off, the investment bankers (if thats what you call losers) will now be preparing for a trigger that will unleash a frenzy on all sides.

An offer which will be matched in its audacity by the keeness of the seller having lost the first time round this time will be for a gouging of the airline. But for that to happen the share price has to fall a bit. Money doesn't talk, it screams obsecenities at us all!!

These so called private equity groups are no different to what Michael Milken put together in the 80's with his band of merry men to strip companies of their assets selling off each component to the highest bidder then leaving the shell to the masses in liquidation. They called it Junk Bonds. Same creature different name. In both instances there is stacks of layered debt to fund the acquisition and theoretically on paper (or computer screen) they look good save for the change in one or two factors which they hope in their model will in reality remain constant to eternity.

Qantas's board was negligent, confirmed their ignorance and their poor knowledge of their company and in agreeing to the value of the company placed by Airline partners (by implication) have demonstrated the hypothesis that the ariline is able to look after itself with public servants at the heal without the tens of millions in annual wages and perks paid to these two duffers.

The Board has nothing to gain by remaining. Unless of course to redeem its tattered reputation it is now working with others to further destabilise the company and render it vulnerable to another attack. More likely that anything else, one would now see Singapore Airlines and British Airways take a more active role in partnering (read plundering) the airline.

If Kevin Rudd wins, you can rest assured the Chinese from South East Asia whom he favours over all else will have a free run over the assets of Australia. He already has plans to make Mandarin a second language at schools. Careful you don't say that too loud, you will be considered racist.