Tailwind in a tailspin ?

The pilot consortium Tailwind which was set up to fight the first Ryanair takeover bid is in disarray according to reports in the Irish Independent following the resignation of four of the seven member management team. Citing concerns about the way in which the company is being run, three of the four advised their resignations earlier this month but decided not to publicise the news as the company is currently attempting to refinance with the aid of Permanent TSB Bank. The consortium membership amounts to over 500  pilots each of whom has invested on average €30,000. As of this week the company has realised  a paper loss of €20m as a result of the fall in the Aer Lingus share price. The refinancing scheme with Permanent TSB was due for completion this week with the money to be drawn down by March 26. There were fears at senior management level within Tailwind that should the deal fail that the company's original backer Bank of Scotland might pull the plug. Market sources however indicated that foreclosure might not happen given the depressed state of the Aer Lingus share price at present.