Whoever buys Toll’s stake in Virgin Blue will land a ‘best value’ rather than a true ‘low cost’ carrier. (Andrew McLaughlin)

How will Virgin Blue’s next chapter unfold?

It seems not a year goes by that one of Australia’s major airlines is up for sale.

In the early 1990s it was Compass I and II but no-one was buying and then for the balance of the 1990s it was Ansett, then Impulse and Ansett again into this decade.

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