gwyire
Posts: 35
Joined: Fri Sep 09, 2005 11:06 pm

Ahern: Walsh Tried To Steal Aer Lingus

Wed May 17, 2006 10:38 pm

 
EI321
Posts: 4788
Joined: Tue Jul 07, 2009 4:43 pm

RE: Ahern: Walsh Tried To Steal Aer Lingus

Wed May 17, 2006 11:22 pm

The management proposed a buyout only after exausting all other options. It was a last ditch (you could even call it desperation) effort. Walsh had pressed for an IPO for several years. Blundering Bertie blocked it because the bearded mafia that are the Trade Unions said so. And again the tax payer took the bill.

Ahern is distorting the situation to save his bacon. Three directors could not realistically afford to buy the whole airline. He is trying to make it look as if these three would have had the whole airline in their back pockets when in reality, the buy out would have been financed by the usual banks/investment houses, etc whom would have held the lions share. This is what will happen when EI is sold off anyway.
 
Eirules
Posts: 1550
Joined: Sat Aug 04, 2007 5:17 am

RE: Ahern: Walsh Tried To Steal Aer Lingus

Wed May 17, 2006 11:43 pm

"Steal Aer Lingus". Has Bertie lost all sense of reality? Even if you thought that, the leader of the country does not say those kind of things. This is just another dig at the privitisation of EI so the govt. can delay it even further
The way you cut your meat reflects the way you live....
 
kaitak
Posts: 9076
Joined: Wed Aug 18, 1999 5:49 am

RE: Ahern: Walsh Tried To Steal Aer Lingus

Thu May 18, 2006 2:09 am

It was a dishonourable thing to say, particularly as it was said with the protection of Dail privilege (i.e. WW can't sue him).

The clear reality - as evidenced in many other ways - is that this govt needs a sharp pitchfork in the posterior to move on any aviation issues. The interest simply isn't there; EI is simply a pawn in the political chess game. It is depressing that the importance of aviation to an economy like Ireland is still not recognised.

As EI321 says above, the MBO proposal was the only way the airline could get the govt to act; it was clear to the senior management that the govt had absolutely no interest in taking action, so they had to be forced.

He had done all he could within the confines he had worked under, and the airline needed investment to expand. I think WW knew that the MBO wasn't a runner, but they had to find a way to get the govt to move.

My big fear now, however, is what happens to the current privatisation process; Bertie says now that it will go ahead, but Bertie says what suits the mood of the times. If the "conditions" aren't right (and they might certainly be less good than they are now, particularly if Iran needs to be taken in hand), then the chances decline. Basically, the longer the govt waits, the more likely it is that something will happen. Thus, the Taoiseach and SIPTU will have sold EI down the river; the victor - their biggest nemesis, Ryanair.

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