Here's an interesting topic for 0248, Tuesday morning due to a lack of sleep and my temporary cold!
Mr. Gerry Schwartz made an unsolicited bid to buy Air Canada and Air Canada had no choice but to defend themselves. AC
was largely backed into a corner and the only way out was a clever counter bid which included a bankrupt (not official, but close enough) airline which they did want as a whole along with the enormous DEBT which came with Canadian. Largely it was the servicing of the debt, unprepared management joining both airlines, union issues, customer service issues, lesser with the sad day of Sept. 11, etc which has landed AC
in the difficult times they are in. AC
says they will be leaner and meaner, but lets face it, that's putting a bright face on something that you were forced into.
Why is Mr. Schwartz not held more accountable for his actions?
Why doesn't AC
file a MASSIVE law suit against his company?
Why didn't AC
's legal minds not interpret properly that the initial bid would be tossed out by a provincial judge anyway. (Sorry, can't remember if Mr. Schwartz did a counter offer which was subsequently tossed...?)
Needless to say, we cannot predict whether AC
would have entered protection with or without Mr. Schwartz's meddling, but we can safely say that unless a Canadian suitor did not come along and buy Canadian very soon, it would have collapsed entirely. (You can't go 10 years with annual losses and expect to emerge from bankruptcy, Canadian was doomed)
So, at the end of the day, AC
feels they have no choice but to possibly do business with Mr. Schwartz and his interest in Aeroplan, the airline suffers daily and Mr. Schwartz continues to buy out sections of his Toronto neighborhood so he a his CHAPTERS owner wife can build a bigger house! (Yes, I have boycotted Chapters as a result)
... Time to hit the 'ole sack... Pleasant dreams Mr. Schwartz, enjoy your front row seats at the Rapters game while honest working Air Canada employees don't know where there next pay check may come from!