Now he's being given the opportunity to buy back effective control (of Virgin) at 1.40 aud (a share), so it is an extraordinarily wonderful situation for him. I hope he hasn't danced on my grave prematurely.

Toll can pay more, Richard Branson can pay more and the Virgin Blue in specie distribution can be monetised.

Originally Toll wanted to buy that through Pacific National,

I'm pleased that we have been able to achieve this result for Patrick shareholders who may now choose to share in the benefits of the merged Toll and Patrick businesses.

I imagine we'll start off with: Great opportunity to come into a dysfunctional organisation, work for two shareholders who are at each other's throats, expect to receive the occasional barrage of emails and the odd derogatory, blasphemous phone message,

Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,