Richard Branson offers private island as collateral for loans to save his airlines

[saidsimplesimon]

https://www.marketwatch.com/story/richard-branson-offers-private-island-as-collateral-for-loans-to-save-his-airlines-2020-04-20?mod=home-page

Richard Branson offers private island as collateral for loans to save his airlines

Published: April 20, 2020 at 9:05 p.m. ET
By Mike Murphy

Billionaire says Virgin Atlantic, Virgin Australia desperately need government aid amid coronavirus shutdown.

Millionaire Richard Branson is pleading for government support for his airlines, and has offered up his private island in the Caribbean as collateral on loans.

In an open letter to Virgin Group employees on Monday, Branson said his two airlines, Virgin Atlantic and Virgin Australia VAH, +6.17% , need help to keep operating in the wake of coronavirus-related shutdowns worldwide.

“Over the five decades I have been in business, this is the most challenging time we have ever faced.”
— Richard Branson

…….snip
Branson said he will offer his most prized possession, Necker Island in the British Virgin Islands, as loan collateral. “As with other Virgin assets, our team will raise as much money against the island as possible to save as many jobs as possible around the group.”

In addition to being his family home, 74-acre Necker Island, which was heavily damaged by Hurricane Irma in 2017, is a luxury resort that employs 175 people.

[redstatebluegirl]

1. Am I supposed to feel sorry for Richard Branson?

Not a chance.

[saidsimplesimon]

3. He is a philanthropist that I admire.

The Obama's spent some time on vacation on his island. Also, another DUer asked about possible help for the islands in getting supplies delivered for testing.

[pbmus]

9. He is a capitalist first , an opportunist second, and somewhere around 7 or 8

A philanthropist..

[Gidney N Cloyd]

7. Where is the article suggesting people feel sorry for him?

[onecaliberal]

2. Boo fucking hoo. Some people have NOTHING TO EAT and NOWHERE to live.

[saidsimplesimon]

4. see reply above

[pbmus]

5. Meanwhile I am playing the largest violin I can find

[saidsimplesimon]

6. there is a method to my madness

see #3 above for my thinking

[NCjack]

8. Instead of getting public money to solve his

problem, Branson uses his own wealth. We don't see Trump doing this.