I think if the US route opens, VBA should worth $3 or more. But this seems to me only a quite remote possibility (at least 1 year away?) and it is factored into the present price already. The predicted 2005 p/e of QAN is 9.1. If VBA has the same p/e it is only worth $1.25.
The imminent danger Corrigan worries is VBA would not survive to that day if not stopping immediately the bleeding under the current type of management with $1 "Happy-Hour" tickets. But Branson and the rest of the company seem to think differently.
I don't know whether PRK would be allowed to revise the 100% takeover bid to a partial one only buying 5% of the issued shares. If it is allowed and PRK does so then the VBA price would collapse spectacularly.
VBA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
