What Kind Of Wood To Use For A Boat

Comedy (na): the drivers are there. You bring the books to court!

unions of pilots and flight attendants rejected unison the plan drafted by the Phoenix Banda Bassotti Italian (also said to " cordata" in newspeak), to capture the best of company at almost zero cost and sell it later than usual in 2013 to France's Air France. A safe investment for the usual friends and Friends friends. Rubbing
losses on creditors, shareholders, employees and taxpayers Italians.

According to the president of the pilots Massimo Notaro: "The drivers would come out of it massacred . We need a profound reflection on the part of Cai and if you want a serious effort to reach a positive solution that is currently far ". While outside the Ministry of Labour was organized today a sit-in of the flight attendants for Alitalia: " best Air France or take the books in court , do not sign" .
So, dear unions, because they fail to do then a proposal, the French, che possedeva un solido piano industriale?
E perché accordare fino ad ora questo strano credito al solito noto capitalista da strapazzo di Arcore ed ai soliti amici degli amici? Quasi ci fosse ancora bisogno di averne una prova ulteriore.
Di seguito il dossier esaustivo di Gianni Dragoni sul sito online del Sole 24 Ore .

Alitalia: salvataggio della compagnia di bandiera o dei debiti di AirOne di Carlo Toto, forse fortemente esposta con la stessa Banca Intesa, advisor dell'operazione Fenice?
Io dico allora: si, si vada in Tribunale a this point.

Alitalia: Air France plane because it was better than Phoenix
Gianni Dragoni, Il Sole 24 Ore

"He's a loser comparison, that between the plane-Colaninno Passera for the" new Alitalia, which was accepted with fanfare by the Government and the bid submitted by Air France-KLM earlier this year, which was sunk by Silvio Berlusconi in the election campaign and rejected by the unions. In no aspect the proposal given to the consortium of 16 investors Cai, led by Roberto Colaninno, former climber Telecom Italy in 1999 i soldi della stessa società, migliora il progetto francese. Anzi, numerosi appaiono i peggioramenti , per la compagnia e i lavoratori, per i consumatori, per i contribuenti, per creditori e azionisti. Dalle informazioni disponibili si possono sollevare interrogativi che vanno ad aggiornare il decalogo pubblicato sul Sole 24 Ore il 25 luglio. Inoltre, non è comprensibile quali vantaggi rechi l'integrazione con AirOne, aviolinea privata in difficoltà che Intesa Sanpaolo ha voluto includere nella «nuova Alitalia».

1. I vantaggi dell'italianità
L'elemento da cui è partita l'opposizione politica Spinetta and business plan was the lack of 'Italian'. Only this feature - it was said - was a guarantee for domestic passengers, business, tourism, and the maintenance of a greater number of direct international and transcontinental flights. Well, the targets of the "new Alitalia" will be 65, less than 84 of Air France. There will be a concentration on domestic and European markets (where you lose more money for the onslaught of low cost), with a few intercontinental flights. The long-haul range of the new company, according to early advertisements, between 13 and 16 destinations, compared with 15 planned by Jean-Cyril Spinetta and beginning to increase. For the Italian passengers will increase the need for a stop in Paris, Frankfurt or London for long flights.
2. Fleet resized
The reduction of activity is inevitable as the plan requires that the company resulting from the integration of Alitalia with Air One has about 139 planes, or 100 less than the 238 machines used by the two carriers. Spinetta un'Alitalia provided by 137 aircraft, about 40 less in its fleet. The French also planned to add a long-haul aircraft by the year 2010. There are no known commitments Colaninno about it. Since Alitalia already has 175 aircraft, more Fleet deemed necessary by the new plan, what it is to add AirOne, with its 60 planes? The private airline has orders for 60 new Airbus 320 aircraft that use less of the old Alitalia MD80. But the lease payments on these aircraft is much higher than on the other.
3. Monopoly
Merging with Alitalia's main competitor cancels most of the national competition in the skies. The new company will have a free hand in lifting the tariffs, with a benefit of a few hundred million accounts. Smile who claim that competition will come from the train: high speed when it comes, will probably be an alternative to the Rome-Milan, on the other routes. The Italian, in short, will be paid by consumers dear.
4. Financial commitments
Air France-KLM had agreed to pay in Alitalia SpA - the company today commissioner - at least one billion by June 2008, also taking on some 1.4 billion net debt that instead the new plan leaves in bad company . In fact, the commitment of Air France was 2.4 billion. And there would be a bad company to be downloaded to the State or to the creditors / shareholders. The CAI has announced a commitment of up to one billion. For now, its members have paid € 160 thousand. And in the 'information memorandum' Project Phoenix says that the new paid-up capital "for cassa» dai soci entro il 2008 sarà di 800 milioni, «soggetto al verificarsi di talune condizioni sospensive». È da chiarire quale sarà la somma effettiva, comunque inferiore al miliardo. Quanto a AirOne, lo stesso documento dice che, attraverso un aumento riservato, conferirà «taluni rami aziendali per un controvalore pari a 300 milioni», che porteranno il capitale a 1,1 miliardi. AirOne non mette soldi. Quali siano i «rami aziendali» il documento non lo precisa. Certo non aerei, perché i suoi jet sono in leasing. L'impegno degli investitori «italiani» è meno della metà dei francesi. Resta un buco di almeno 1,4 miliardi nella bad company: debiti che verranno pagati dallo State (an estimated one billion), creditors, shareholders.
5. The evaluation of Alitalia
It is argued that Cai has made an offer of around 300 million to buy the good part of Alitalia's slots, the brand, with better aircraft. A similar value is attributed to the contributions of AirOne. It is not justifiable to attribute similar values \u200b\u200bto companies that are not comparable. And it is laughable that the pulp of good public company is worth so little. Alitalia has valuable slots at Heathrow, Paris, Frankfurt, Dusseldorf, Madrid worth several hundred million. It has a well-known brand in the world, an international sales network. Commissioner Augusto Fantozzi Why not open a transparent process of selling, giving to others (Air France or Lufthansa, for example) time to make an offer? It should be his interest in maximizing the proceeds to creditors and shareholders.
6. The value of Air One
Project Phoenix does not explain what is the benefit brought by Air One. Carlo Toto, the company has an overlay network to Alitalia, the planes half empty and losing money during the first six months of 2008, the occupancy rate of 56.8% is placed, the lowest in Europe between about 30 companies of 'Aea (average 74.4%, 68.2% Alitalia). The accounts of real herons are those of the Consolidated Holding Ap (ApH), la controllante creata a fine 2006 da Toto con una complessa manovra di rivalutazione patrimoniale. Nel 2007 il gruppo ApH ha perso 32 milioni, con un fatturato di 785 milioni. I debiti del gruppo a fine 2007 erano 900 milioni e sono cresciuti a 1,1 miliardi nei primi sei mesi quest'anno. In larga parte si tratta di debiti per acquisire i nuovi A320 che sono collocati in società irlandesi, date in pegno alle banche finanziatrici e affittati a AirOne. Il Progetto Fenice suona come il salvataggio di AirOne e delle banche che l'hanno finanziata. Quali sono gli impegni e le banche esposte con Toto? Si sa di Unicredit, di Morgan Stanley, di sigle tedesche. Ci sarebbe più trasparenza se fosse fatta piena luce sulla reale esposizione verso Toto di Intesa.
7. Flotta e leasing
Alitalia ha 109 aerei in proprietà. La flotta era iscritta nel bilancio 2007, approvato anche dal ministero dell'Economia, per un valore di 1,98 miliardi di euro: è compresa o no la flotta nell'offerta da circa 300 milioni di Colaninno? Nel Progetto Fenice si legge che «la Newco acquisterà dalla vecchia Alitalia 43 aerei per 772 milioni, accollandosi debiti per 522 milioni». Sembrerebbe che questo impegno si aggiunga ai circa 300 milioni offerti per la compagnia. Non si tratta di una valutazione generosa: i debiti legati agli aerei (tra cui 6 Boeing 777 valutati 295 milioni, con 210 milioni di debito accollato) sono mutui per un'attività in funzionamento, reflect the costs that would occur with leasing. The Phoenix Project is said that "New Alitalia airline will hold in property, the entire fleet will be leased." No big company does. Why this choice? Perhaps to make cash by selling the aircraft and reduce the capital paid by members? Toto will be the preferred supplier due to its orders for 60 A320 and realize good profits with lease payments.
8. Redundancies
The French plan involved 2,120 redundancies. In addition, 3,300 workers would remain in Az-Fintecna Services, with five years of guaranteed contracts. The "new Alitalia said it needs 14,250 employees, including 2,750 outside. Since the group has 18 thousand employees Alitalia and Air One group 3000, the redundancies are true about 7000.
9. Savers caught
Consob suspended Alitalia shares and bonds on June 3, to avoid speculation. So it was prevented shareholders and bondholders to escape. Now actions are waste paper.
10. Lock up and compensation
The 16 entrepreneurs wish to sell in five years and not before. However, the constraint of the lock-up could be bypassed with a recapitalization made by other partners (eg Air France). There are doubts about the interest that moved the participants in the Italian consortium, in addition to opportunity to earn by selling to a European carrier. Gavio and Benetton have already obtained government benefits with the new motorway concession agreements. "