OutSyed The Box

Posted: 22 May 2012 08:34 PM PDT

First here is The Star :

PETALING JAYA: To cut costs, Malaysia Airlines has offered its workforce up to two years of no-pay leave during which time they can seek employment elsewhere but not at rival companies. Those interested have up to June 30 to apply for the voluntary leave programme

Folks, someone please ask Amburger to organise a thosai sit in at Khazanah Nasional and MAS to exert some pressure on Azman Mokhtar and Danny whatever to take this two year "No Pay" leave option. This is a much better course of action for the country - instead of the Bersih morons making bloody fools of yourselves trying to cover Bapa Rasuah Malaysia's liwatting @$$.

The Khazanah dunggus have done it again. More billion Ringgit losses at MAS. Thats our money.

Now they say they need more money to keep MAS flying. And ..err..guess what? Where do you think they will be getting this money from? (Not much lah - about RM9.0 billion only)? From you and me folks. The taxpayer will be bailing them out again. Read on.

Even the nenek tua in the kampong probably has better business skills than these dunggus. And they claim they even studied at university.

Before we go any further here is a joke : "MAS deputy CEO Mohammed Rashdan Yusof and his team had been working out a financing plan.."

Folks, very shortly, you will all be laughing very loudly too. Trust me. Here be The Star :

another quarter of loss to the tune of RM171mil (March 31, 2012).
the fifth consecutive quarter of loss
net loss for the first quarter in 2012 was RM347mil.
huge RM2.5bil net loss last year
RM9bil fund raising to enable MAS to continue uninterrupted
(MAS) surprised the market place with a massive RM9bil fund raising proposal .
Government will set up a company that will pay for eight aircraft for RM5.3bil .
RM9bil financing plan is crafted in three pillars
the issuance of up to a RM2.5bil Islamic sukuk,
Government setting up a (SPV) to raise RM5.3bil to pay for eight aircraft,
and capex of RM1.2bil .. funded by a loan facility
draw down the first tranche of the RM1bil sukuk in June to repay the RM1bil bridging loan it had taken from CIMB Bank.

second pillar, the Minister of Finance Inc will set up a SPV .. issuing RM5.3bil long-term bonds (guaranteed by the Government)
The six A380 were initially ordered by Penerbangan Malaysia Bhd but subsequently MAS took over the order. However, under this new financing plan, MAS will assign the rights to the SPV which will own the aircraft and MAS will pay for the leases over the period of the funding.
MAS said that should its plans fall short, it would fall back on its parent company Khazanah Nasional Bhd to step in to provide financial support'' Rashdan told StarBiz.

Folks, listen to this : "..draw down the first tranche of the RM1bil sukuk in June to repay the RM1bil bridging loan it had taken from CIMB Bank.."

OK so Nazir Razak will get his money back first. Congrats bro. Banyak cantik. You are the clever one. What was your wife saying the other day about "justice" and stuff like that? By the way, just wondering, does CIMB have any kind of "advisory" role in this RM9.0 billion scheme as well?

Anyway, they are going back to the Gomen for an RM5.3 Billion loan. Thats our money as well. They will also issue sukuk (its a type of soup) for RM2.5 bilion. Guess who will subscribe for this sukuk? EPF?

The RM5.3 Billion loan will be guaranteed by the Government. "..second pillar, the Minister of Finance Inc will set up a SPV .. issuing RM5.3bil long-term bonds (guaranteed by the Government) ..."

You do not need to go to university to work out a financing plan where the Government throws in a Guarantee? Even the nenek tua in the kampong can think that up.

And I think these stupid moves where the planes were first bought by Peberbangan Malaysia Bhd, then transferred to MAS and now transferred for the third time to yet another new SPV, were done to allow the lawyers, the con-sultans and the financial advisors (usually cronies) a chance to make extra buta money. Why all the unnecessary asset shuffling on paper?

When you switch from Penerbangan Malaysia Bhd to MAS and then again to the new SPV, each of these 'switches' requires legal documentation, new cashflow and financial projections, new insurance advisory and a host of other expensive paper shuffling.

Why was MAS' very profitable Food & Beverage Business sold to Slumberjack's brother? Can MAS get it back? MAS lost a huge chunk of revenue when they sold that F&B business to Slumberjack's brother.

MAS is bleeding money through such unfair and foolishly done deals. All this needs to be stopped. No more half tickets, 10% tickets for retired Civil Servants etc, especially First Class tickets. There is money there as well.

MAS says their staff can take no pay leave for two years "during which time they can seek employment elsewhere but not at rival companies.." If so, how can Slumberjack still remain as the Advisor to MAS when Slumberjack's family are shareholders in Air Asia - who are still eyeing MAS' Maintenance Facility. That is another pothole that MAS can fall into, that will cost MAS even more revenue.

Folks : here is a final thought for you. If MAS keeps bleeding enough red ink, then guess who will reappear again as a White Knight and offer to "save" MAS - for the price of an "Imam Ghazali" pantun. Lu ingat dia orang bodoh ke?

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OutSyed The Box

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