Ansett Australian Global Rewards - Ansett ruling slashes millions off postage

Ansett ruling slashes millions off postage

Ansett's four million creditors will be notified by a one-page document of a meeting asking them to approve the sale of the airline to Solomon Lew and Lindsay Fox.

The Federal Court yesterday waived legal requirements and gave Ansett's administrators the go-ahead to streamline the process of notifying creditors.

Administrators had estimated the cost of sending the legally required 150-page company report and proxy vote kit to every creditor at $26 million and said that figure could double if the meeting was adjourned as expected.

Federal Court judge Justice Alan Goldberg waived the Corporations Act regulations but refused the administrators' request to notify creditors via newspaper advertisements and the company web site.

He said the meeting was too important to not notify as many creditors as possible.

http://news.ninemsn.com.au/national/story_22509.asp

The Melbourne 'Age' at http://www.theage.com.au/news/national/2002/01/08/FFXY3IX45WC.html reports this also, but I was interested to see their estimates of 2.6 million frequent flyers and 1.3 million GW members! I always thought that AN had considerably fewer FF's than this, and the GW member figure is surely absurd..that's 1-in-10 of the adult population of Australia! And since almost all of the GW members would also be FF's, the total creditor count must be far less than the 4 million this article suggests.

[This message has been edited by whughes3 (edited 01-07-2002).]

Maybe someone is including AN*G's by mistake in the GW club membership tally?

However I heard Mark Korda interviewed on radio this morning and he did say it was between 3-4 million total creditors, including FF's, GW club, AN staff, suppliers, other clients etc.

It will be interesting to view the documentation when it is put up in the next week so we can really know what is going on.

Incidently, the web site is: www.ansett.com.au/administrator (http://www.ansett.com.au/administrator).


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RichardMEL, UA 1K
A Star Alliance Member.