You said:"What about virgin? What about other international...

You said:
"What about virgin? What about other international routes?"

What about them? I get what you you are saying, but potential has to be linked with a contract. In some three years no other international has come forward. I remember at the start of the first tranche of E190's, the company was spruiking the potential to sell into Asia. Hasn't happened. Virgin hasn't been a stunning customer. That leaves QAN, who i suspect really saw AQZ as their defacto plane provider, but that was a different era. Have things changed since the Irish Hobbit left? I don't know, but I'd feel a little bit more comfortable if they made a commitment from 30 onwards.

You said:
"Who cares if you have a 80% loan agaisnt a $1m house when it goes up 10-15% a year?"

Got to get the loan first matey, and right now AQZ don't have it, whilst they have bitten off an elephant!
I remember in my younger days pestering my bank manager for property loans - his response: 'I can't sell potential upstairs, I'll get my ass kicked. Give me some contracts and cash flow projections and then we can talk further. And whilst I was green and dumb, I wasn't stupid, I only had an option on the land, so risk was minimal. In the case of AQZ ,they have bought the planes without securing the loans.

In the end, I don't think this is going to be a worry, but AQZ could be a little smarter & more transparent in the finance and capital allocation area. Witness the loan breach of a few years ago. It shouldn't happen in a well structured company.
I agree with SouthernLad, do a cap raise & get more balance & certainty into the finance area.