"Ansett as a brand and as an airline is almost unsaveable now, " he said.
Brierley still owns 47% of Air New Zealand, which in turn owns 50% of Australia's Ansett Airlines.
The problem is that Air New Zealand has the first right of refusal on Murdoch's half of Ansett.
Deputy Prime Minister and Transport Minister John Anderson said the government was holding urgent discussions with the Ansett administrators.
Ansett said it would guarantee all flights until Monday and would offer refunds to travellers booked on flights after that.
The other half of Ansett is belongs to media mogul Rupert Murdoch, who has been trying to sell it to Singapore Airlines.
Brierley management wants Air New Zealand to buy out rest of Ansett.
Since the Asian crisis began, it has signed code-sharing marketing alliances with Germany's Lufthansa and with two Australasian carriers, Air New Zealand and Ansett.
Council of Trade Unions secretary, Greg Combet, called the collapse a tragedy for Ansett staff, saying there were "absolutely no jobs that can be saved in Ansett".
Thai's Royal Orchid Plus does not credit miles on Air Canada's domestic flights, for example, and gives you only 70% credit for miles flown on Ansett's discounted economy fares.
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And investors continue to be impressed by SIA's expansionist mode it recently bought 49% of Britain's Virgin Atlantic and 25% of Air New Zealand, which in turn owns Australia's No. 2 carrier Ansett.
Tom Ballantyne of the Orient Aviation Magazine in Sydney told the BBC's World Business Report he believes it is unlikely those parties who had previously expressed an interest in Ansett would renew their interest.
"I recognise the concerns that must be felt by Ansett's employees and I am hopeful that the administrators will be able to start negotiations with another bidder as a matter of urgency, " Mr Anderson said.
Australia and New Zealand are following suit - the latter not least to help stave off the wholesale collapse of Air New Zealand, on the verges of bankruptcy after its Australian subsidiary Ansett imploded on 14 September.
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