No honour among thieves
The Pacific National plot thickens. The 50-50 joint venture between Toll Group and Patricks Corp. that holds a monopoly over the inter- and intra-state rail freight markets in Australia has come under threat of dissolution in recent times due to a falling out between Toll and Patricks.
Not only has Toll launched a bid to take over Patricks in recent months, but now Patricks has threatened to chuck a hissy fit, take its ball and go home after it found out how badly Patricks were screwed by Toll in their Queensland operation PN Queensland (PNQ). It seems that Toll 'forced' the PN board to agree to carry Toll's freight in Queensland at greatly reduced rates to what other shippers would pay for the next 20 years!
This weekend, it seems that the pressure has become unbearable for the boss of PN, Stephen O'Donnell who has resigned this week, citing unspecified threats. Oh Dear. Let's hope the truckload of money and stock options will ease the pain of his resignation. Considering what O'Donnell and his ilk have done (and continue to do) to the working conditions, job security and lifestyles of PN employees, he should consider himself very lucky to walk away with his termination package, options and ability to walk into another job. And of course, let's not forget how caring and sharing Patricks were when they decided to reform the wharves the old fashioned way back in 1998, with lockouts, masked thugs and vicious dogs!
Both Toll and Patricks are quite used to playing the game the hard way, so it is quite amusing to see both parties crying 'foul' when the other one won't play fair or share.
Whether in the criminal world or the related world of big business, there really does seem to be no honour among thieves!
I'm Loose Shunter. Good night.
Not only has Toll launched a bid to take over Patricks in recent months, but now Patricks has threatened to chuck a hissy fit, take its ball and go home after it found out how badly Patricks were screwed by Toll in their Queensland operation PN Queensland (PNQ). It seems that Toll 'forced' the PN board to agree to carry Toll's freight in Queensland at greatly reduced rates to what other shippers would pay for the next 20 years!
This weekend, it seems that the pressure has become unbearable for the boss of PN, Stephen O'Donnell who has resigned this week, citing unspecified threats. Oh Dear. Let's hope the truckload of money and stock options will ease the pain of his resignation. Considering what O'Donnell and his ilk have done (and continue to do) to the working conditions, job security and lifestyles of PN employees, he should consider himself very lucky to walk away with his termination package, options and ability to walk into another job. And of course, let's not forget how caring and sharing Patricks were when they decided to reform the wharves the old fashioned way back in 1998, with lockouts, masked thugs and vicious dogs!
Both Toll and Patricks are quite used to playing the game the hard way, so it is quite amusing to see both parties crying 'foul' when the other one won't play fair or share.
Whether in the criminal world or the related world of big business, there really does seem to be no honour among thieves!
I'm Loose Shunter. Good night.
posted by Loose Shunter at 9:11 am
1 Comments:
You do have to wonder how long before this operator split's into two halves with the Marriage on the rocks.
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