Piaggio SpA chairman Roberto Colaninno, will head a new privatized Alitalia, and the weird Italian business cycle of salvation, success, abandonment, failure, government intervention, more failure, more government intervention and more salvation begins anew. Since Piaggio went public, press announcements from Pontadera have slowed considerably, this new pet project will likely divert even more of Colaninno’s attention away from Piaggio.
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With quotes like this from the BBC story on the bankruptcy:
“No one can buy Alitalia in the state it’s in,” he told La Repubblica newspaper.
“With all respect, I am not Merlin the magician. The business is toast. It doesn’t exist any more. There’s nothing left.”
http://news.bbc.co.uk/1/hi/business/7588475.stm
It sounds like a hustle. Say it’s worthless, buy it for nothing, wait a year or two and count your free Euros. Good job, Robbie! Don’t think that similar tactics are not fueling the current world wide economic doldrums. Tech and Real Estate bubbles have burst so there aren’t as many opportunities for an easy buck. If you have a hard time finding bargains, make some (at some others expense).