Wednesday, March 19, 2008

:: the closing of Adam Air

To be frank, i hate Adam Air,the management to be precise. It's misconduct for flight safety (search Google for PPRuNe forum then look for Adam Air topics), the infamous ground handling, and foremost it's conspiracy that i presumed there is.

Being a mid-level income people, yes i do thank for the presence of LCC in Indonesia. Garuda, the full-serviced airline price surely will kill my saving account. But it is not like that i will gave my life upon the price (these point is debatable for Indonesian LOL). Now for Adam Air topics, there is some point's i'd like to strengthen about it's closing.

[analyst mode : on]
1st of all, i'd like to say that, my feeling gave me the chill that there is some ill purpose on Adam Air closing. To put is simple it was :
  1. First Lie, in it's management press release. AA Management gave a statement that this closing was due to bhakti investama (50% shareholder) went out of Adam. This is in my opinion was truly a lie. Being a 50% shareholder mean that bhakti does not own majority in stock ownership, mean that bhakti could not easily take it's investment out of a running company like a finger snap, bhakti could sell it's ownership (which is not happen) to claim it's money. The proper statement to be announce should be bhakti did not agree to inject fresh money into the company. Bhakti said, this was due to AA lack of financial disclosure, that is suspicious (bhakti said that they have evidence some cash missing from the cash account).
  2. Second conspiracy, is there anyone notice why AA choose to announce its closing around tha peak hour (there is 4 days holiday near its closing). I presume they want to cash out as many as they can from pre-order, pre-payment ticket. And do we notice that they have some unpaid liability about insurance, airport payment and plane fuel, which sum up to be near IDR 200 Bill (about $20 Mill), is this figure a 5 fivedays liability or this airline has plan this closing (read:cashout) carefully?
This topics is truly interesting that it is giving me some desire to do analysis on its financial statement. pity then, since it is not a public company then it's financial statement not release to public. there anyone out there able to giving me the fun (read : financial statement), please contact me in person.


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