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[sharechat] Cullen flying into area without clear visibility

From: Marilyn Munroe <>
Date: Fri, 28 Sep 2001 19:13:41 +1200

In Sharechats National Business Review columns Finance Minister Michael Cullen musing on the topic of statutory management is quoted as follows;

Finance Minister Michael Cullen has also pointed out that, under statutory management, Air New Zealand would face the risk its aircraft and other assets could be seized by creditors in overseas jurisdictions.

An overseas aircraft leasor who repossesses an aircraft faces the same dilemma as a dog chasing a car down the road.

Once he has got it what is he going to do with it?

It does not take a genius to figure out that since the attack on the World Trade Center and the consequent turmoil in the world aviation market, that the going rate for aircraft hire will be heavily discounted. Indeed if the leasor did repossess aircraft, the statutory manager should be able to source replacements at very favorable rates.

The quality of thought coming from the Beehive on this issue gives me a deep feeling of foreboding. Cu'mon Michael its taxpayers money you are playing with.

Boop-doop-de-do Marilyn


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