Reading the latest media reports on MAS, I feel sad, angry and not happy all at the same time. If all the losses incurred through circumstances that is beyond management's control, I would still be able to accept it.

What riles me is that if the 'MAS flying buffet letter' even has a shred of truth in it, then the top management has a lot to answer for. Although I am not a direct shareholder in MAS, I still feel the top management has failed their fiduciary duty to act the best interest of their shareholders, the Malaysian government and the rakyat.

The Prime Minister had said that the government would lend money to MAS so that it can continue flying, I have my reservations. Would the RM3billion be worth lending? Why do I say that it might not worth pouring in another RM3billion?

For a start, how much does it cost to start up a new airline? Did AirAsia start up with that much capital? But it would probably pointless to compare because of the different markets they operate and the size of the two airlines.

If we let MAS go bankrupt; we could quickly hold a license auction to operate a national airline, Air Malaysia. The winner should be a locally-domiciled company with the best management team and good-sized capital base.

We could save that RM3 billion that we intended to lend to MAS and use it for some other worthy projects like housing for the poor or flood mitigation programmes in northern states. Reading the 'flying buffet' letter, it seems the consultants and top managers are drawing high salaries. They could simply be fired, with minimal cost.

The creditors might get 10 sen to a ringgit and the shareholders get nothing but the new airline would start afresh without the burden of past debts. The new airline might also be able to hire new staff and workers at lower salaries as well.

Overall, the new airline would be more efficient. Or, the government could let some other company takeover MAS. Sell the government's shareholding in MAS to the highest bidder. Let the new management run the airline to make profit.

Let them remove the unprofitable routes if they want to, maybe some other small airline could service those routes profitably with less subsidy. How much are MAS shares on the Bursa Malaysia today?