VA is an interesting case, and I still haven't made up my mind about Borghetti. He says all the right things, but is still struggling to define who VA actually are.

At the end of the day he missed out on the QF top job and was pretty annoyed by that. Maybe the board there saw things that others haven't seen.

I also don't think VA's complex ownership has helped with too many hands in the pie. Air NZ really only wanted Australian access and a TT partnership from their ownership, while others obviously want a lot more. If NZ can get what they want without needing to own a share then having a stake doesn't make much sense.