When Air New Zealand's shareholders meet to approve the bailout negotiated with Singapore Airlines and Brierley Investments, there will be burning questions.
Both Singapore Airlines and BIL have taken a bath on their stakes: SIA at $355 million and BIL upwards of $250 million asthe Air NZ shareprice dived another 28 per cent yesterday.
But Air NZ's other shareholders - 39,000 of them - have also lost a bundle. Major financial institutions such as AMP featured in the June 2000 list. But so, too, did Air NZ's staff who have invested under two staff share purchase schemes.
Well-known investors such as Montana chairman Peter Masfen also feature, but may have got out before the bloodbath.
But the great majority of the company's investors are small - 35,000 of them own fewer than 5000 shares - putting them in the "mum and dad" category.
Some of the questions they will want their directors to answer:
* Did you thoroughly examine Ansett's books before buying the outstanding 50 per cent?
* Just how much due diligence was carried out and what advice did you rely on when making the board decision to buy the 50 per cent?
* When did Air NZ managers find out just how bad the situation was at Ansett?
* How could you have allowed Ansett's situation to continue to deteriorate to the point where it almost brought Air NZ down?
* Please justify why you paid Gary Toomey and other senior Air NZ executives bonuses in the June 30 year.
* What really happened around the boardroom table between you, the major investors and the Government representatives?
* Show us some evidence that your version of events is correct.
* What assurances can you give that Air NZ will not get into further difficulties?
* Have you securely ring-fenced Ansett's debts or are will Air NZ be liable for some of its debts?
* If Air NZ does not have a legal obligation to Ansett's staff and creditors, does it have a moral obligation? (This is perhaps a question for big-hearted shareholders.)
