Sun, Feb 05 2012

Suing for excuses

Thu, Feb 15 2001 13:00 CET 66 Views
Suing for excuses

Stupidity on the Balkan Airlines front continued this week with the announcement that Zeevi Group is suing the government for $230 million. They've taken this action because, among other things, the extent of the airline's liabilities was allegedly concealed during the privatisation process.

Interesting timing to say the least.

Apparently, Zeevi will not be financing the airline until this issue is settled. Could this be an excuse to not invest any more money into Balkan?

Simple solution to this problem - the government sues Zeevi for $230.15 million. Of this amount, $100 million would be used to compensate for Zeevi's broken pledge to invest that amount in the airline, and $130.15 million would be for compensation to the Bulgarian people for the awful state their national carrier has been transformed into.

The two lawsuits could then be settled out of court, but because the Bulgarian government's suit is for $150,000 more, Zeevi would have to return ownership of the airline (which they coincidentally paid $150,000 for) to the Privatisation Agency.

They, in turn, could then sell it to a company who knows how to run an airline properly.

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