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Not a Virgin: Bain plays everyone in breathtaking corporate bait – Sydney Morning Herald

Virgin’s cabin crew got a whiff that something was up when a large contingent of Bain executives descended on Brisbane two weeks ago.

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Private equity firms, such as Bain, are renowned as ruthless owners of assets with profits being their first, second and third priority.
The aviation industry had been waiting for the other shoe to drop at Virgin – they just hadnt expected it to be a steel-capped boot.
And so was set in motion one of the most breathtaking corporate bait and switches in memory.
Everyone was played.
This included the unions, the staff, Scurrah, the customers and Deloitte – the administrators that had chosen Ba…

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