600k thousand worldwide Thomas Cook passengers stranded abroad as they immediately go in bankruptcy compulsory liquidation

This is hilarious.

I'm going to step out here and say no more than 6, yes . . . SIX, or these 150,000 had travel insurance.

Flying this lowest of low carriers, of course these travelers wouldn't splurge for inexpensive but reliable travel insurance. That would result in 2-3 less beers during their trip.

UK is bailing them out.

Laughing my bloody arse off wrote:

This is hilarious.

I'm going to step out here and say no more than 6, yes . . . SIX, or these 150,000 had travel insurance.

Flying this lowest of low carriers, of course these travelers wouldn't splurge for inexpensive but reliable travel insurance. That would result in 2-3 less beers during their trip.

+1

Pity the poor stewardesses who have to put up with these obnoxious ree-tards on a flight home. They'll be angry, smelly (no hotel rooms..no showers) and really drunk after half a dozen days living in the airport.

Gawd Save the Queen! (Yes, you Elton).

The USA is here to help....again.

jesseriley wrote:

Ah, yes, Brexit! Because we’ve got everything we need right here in England!

Except a place to go on holiday.

I hope they don’t suddenly realize they’ll also need trade, allies, peace in Northern Ireland; fresh fruit; a Pound Sterling that’s worth more than a stick of chewing gum; etc.

Build the wall!

Oh good, I didn’t realize Jesse lived in England.

Trump 2020!!!!

Why would you stupidly buy travel insurance, when you know the Govt will bail you rescue out anyway?

Common sense says you don't pay when someone else will.

Hedge funds know this, bet heavily to win, and if you lose, socialize the losses.

https://www.forbes.com/sites/sergeiklebnikov/2019/09/23/how-hedge-funds-profit-from-150000-stranded-thomas-cook-vacationers

solyndra wrote:

Why would you stupidly buy travel insurance, when you know the Govt will bail you rescue out anyway?

Common sense says you don't pay when someone else will.

Hedge funds know this, bet heavily to win, and if you lose, socialize the losses.

Travel insurance is one of the biggest -EV consumer propositions out there, especially if you travel a lot.

As the article mentions, some of the AMs “betting against” the company could have had credit exposure on it so they were really just looking to hedge against an imminent default.

Bring the boys home wrote:

Largest British repatriation effort since Dunkirk.

Wow, 338K survivors got out of Dunkirk. I had no idea that many (was thinking it was a maybe around 30K).

Yet another Victim of Climate Crisis!

They warned profits would be down due to Heat Wave, but no-one listened!!

What would Greta do?

Elvin wrote:

I agree that the situation sucks, but I'm not sure I understand how these people are "stranded." Most of them are returning to the UK from Spain. Is there no other airline that provides even indirect service between Spain and the UK? I have a hard time believing that the failure of one airline has completely severed all connection between Heathrow (Europe's largest airport) and the country of Spain (which includes Europe's 7th and 8th largest airports).

The issue is that they paid for their all-inclusive vacations. When Cook went under the hotels/resorts said they had to leave. They had paid for airline tickets to return. They now have to cough up the money to buy new tickets. If they are like US airlines it is not like there are going to be hundreds of empty seats on planes.

kartelite wrote:

Why would the court allow them to go into liquidation? Doesn’t GB have something like Chapter 11 protection so companies don’t have to stop critical operations? And was this voluntary or something filed by creditors? Now they’ve created hundreds of thousands of new claimants lol..

I remember seeing Thomas Cook show up on flight results on some websites. I never understood what it was, seemed sketchy.

Sketchy? It has been around for a looooong time.

Holders of Credit Default Swaps (CDS), instruments used to insure exposure to credit, may also stand to receive a big windfall from their bets against the company. A panel of bankers will decide whether they will get paid out later on Monday.

Why does a "panel of bankers" get to decide? Will they also decide if Brexit finally goes forward?

WWGD wrote:

What would Greta do?

Blame it on Trump.

jesseriley wrote:

UK has an anti-immigrant leader who’s trying to create a crisis, just like the US.

They have a crisis. Not as bad as my Sweden, but a crisis nonetheless.

Luv2Run wrote:

Elvin wrote:

I agree that the situation sucks, but I'm not sure I understand how these people are "stranded." Most of them are returning to the UK from Spain. Is there no other airline that provides even indirect service between Spain and the UK? I have a hard time believing that the failure of one airline has completely severed all connection between Heathrow (Europe's largest airport) and the country of Spain (which includes Europe's 7th and 8th largest airports).

The issue is that they paid for their all-inclusive vacations. When Cook went under the hotels/resorts said they had to leave. They had paid for airline tickets to return. They now have to cough up the money to buy new tickets. If they are like US airlines it is not like there are going to be hundreds of empty seats on planes.

I understand this issue and I get why it is annoying. I just don't understand the part about being stranded. Yes, it sucks that they are incurring an unexpected expense. But "I had to pay money I didn't want to pay" isn't the same thing as "I am physically unable to return home."

As a (non-wealthy) Israeli once said to me regarding daily hassles and such: "If money can solve the problem, then it's not really a problem..."