FoxPro
Jan 22, 02, 6:53 pm
The Sydney Morning Herald today had this story:
http://www.smh.com.au/news/0201/23/national/national5.html
Agitation over the fate of Global Rewards points has grown after last week's determination by Ansett's administrators, Mark Mentha and Mark Korda, to give the 70 billion points - an average 27,000 for each member - a monetary value of $140 million.
Using the old airline's redemption calculator, this translated into 4.1 million return economy flights to Melbourne, 2.35 million return economy flights to Auckland, and 580,000 return business-class trips to Hong Kong.
Conservative estimates valued that as an unfunded liability of between $750 million and $1.25 billion. But the administrators have calculated each point to be worth about 0.2 cents.
With an estimated return of about 5 cents to unsecured creditors, the average points holder would receive only $54.
http://www.smh.com.au/news/0201/23/national/national5.html
Agitation over the fate of Global Rewards points has grown after last week's determination by Ansett's administrators, Mark Mentha and Mark Korda, to give the 70 billion points - an average 27,000 for each member - a monetary value of $140 million.
Using the old airline's redemption calculator, this translated into 4.1 million return economy flights to Melbourne, 2.35 million return economy flights to Auckland, and 580,000 return business-class trips to Hong Kong.
Conservative estimates valued that as an unfunded liability of between $750 million and $1.25 billion. But the administrators have calculated each point to be worth about 0.2 cents.
With an estimated return of about 5 cents to unsecured creditors, the average points holder would receive only $54.