Your comparison to Ansett is so ridiculous its not funny.Firstly...

Your comparison to Ansett is so ridiculous its not funny.
Firstly Ansett's demise came from a dodgey partnership with air NZ to fix Ansett's fleet of ageing aircraft that required major $$$'s worth of maintenance to service the aircraft. In addition to this when Qantas discovered issues with Ansetts books they put on super cheap deals which ultimately put the knife through Ansett.
Qantas has one of the most modern fleet in the world. Despite of the current climate they look forward to a brighter future with ultra fuel efficient aircraft, greater seating capacity & minimal maintenance costs.
2 billion cash? well actually cash assets are just shy of 3 billion, with over 5 billion in total assets.
Management are unfairly getting blamed, they have very effectively managed debt, shifted maintenance offshore, laid off lots of redundant staff, ridded the fleet of old expensive aircraft & ultimately created a new structure to a company that was bleeding lots of money.
To make cries of collapse is horrendous, check out the balance sheet. The companies revenue has been very stable and constant over the past decade. Empty seats is totally fear mongering, recent stats show they are getting close to 85% occupancy.
The profit loss comes on the back of the restructure/redevelopment. I think you'd be a fool to not look ahead from this point at time? GFC has passed, major world sporting events nearing, great partnering with Asia & America.
IMO there is a compelling case for the future of Qantas. Like warren buffet i share a similar mind in regards to valuating airlines as junk. Despite that for the first time I will be buying Qantas as I see a very undervalued stock with great upside.