AFTER all the dramas surrounding the collection of the last BrisConnections instalment, it's hardly surprising that chief executive Ray Wilson is on the front foot as the deadline for the final $1 per unit draws near.

BrisConnections was listed as a $3 share, with $1 down and two further $1 payments to make, and the company was floated as a partly paid share just on a year ago.

The onset of the global financial crisis saw the trading price of those partly paid units plunge to just 0.1ยข each towards the end of last year.

At that price, a $1000 gamble on BCSCA units - the stockmarket code for BrisConnections' listed units - brought with it a $1 million repayment due in April this year, and a further $1 million due in January 2010.

It has gone down in history that a number of unwary day traders, plus one or two predatory investors, bought into the stock at the bottom of the market, and were either unwilling or unable to pay. Co-underwriters Macquarie Capital Partners and Deutsche Bank had to stump up more than $200 million of cash, and now together own more than 80 per cent of the project.

With the deadline for BCSCB - the code for the final part-paid unit - drawing near, Wilson is ensuring that history doesn't repeat.

Last week, representatives of both Macquarie and Deutsche were taken on a tour of the various BrisConnections construction sites across Brisbane.

The company is overseeing the construction of Brisbane's $4.8 billion Airport Link toll road, as well as a number of interconnecting projects. Indeed, the construction work BrisConnections is responsible for is the biggest privately funded infrastructure project under way in the southern hemisphere.

The first of two 206-metre-long tunnel-boring machines arrived from Germany on Friday, and after Christmas BrisConnections will burn through $130 million a month building more than six kilometres of tunnels.

But even with all the construction work under way, it's still the financing that gives the BrisConnections team sleepless nights.

After the visit by the underwriters on Thursday, a number of BrisConnections unit holders were given a tour of the project on Saturday.

Then, yesterday, Wilson departed on a whirlwind nine-day overseas trip to visit all of the project's overseas bankers.

The consortium of banks, led by Melbourne-based ANZ, is providing more than $3 billion of finance for the project, while unit holders owe a further $280 million.

Wilson will jet across Asia and Europe, as he visits each member of the consortium.

''Call it a roadshow, if you like, but we're just keeping our financiers up to date with where the project is, and what we're spending their money on,'' Wilson told Collins & Spencer, ahead of his departure for Singapore. ''The past is behind us, but our banks have stuck with us through the worst of the GFC, so we're keeping them up to date.''

From Singapore, it's off to Hong Kong, Germany, London, Paris and Dublin before returning home.

Wilson won't even get a Christmas break this year, as the final deadline for the last BrisConnections instalment approaches. He will be working over Christmas with an eye on the January 29 deadline.

The good news is, with BCSCB units now so tightly held between four key backers, and just 182 unit holders in total, there's no sign of another Nicholas Bolton or Jim Byrnes on the company share register to rock the boat.

Red faces at Virgin Blue

AS IF times weren't tough enough in the airline industry, Virgin Blue boss Brett Godfrey has been forced to make a second apology over the company's blunder in offering 1 million frequent flyer club members a free upgrade to Gold status.

An email to Velocity Rewards members on Friday the 13th this month promised customers the free upgrade, including free lounge memberships and increased baggage allowance, despite not meeting the qualification criteria.

The offer was withdrawn in a follow-up email two hours later, but not before tears were shed in the Virgin Blue office.

On Friday, Godfrey issued his own apology via email to Velocity members.

The chief executive said it was a ''genuine mistake'' but, despite criticism from customers, there was no mention of compensation.

''After speaking with many of our members, and listening to all their feedback, we'd like to clear the air and let you know what happened,'' Godfrey wrote.

''The problem was caused by a process error, which was identified and fixed, and will not happen again. We'd like to assure you that our data security was never compromised, and your personal details were and are safe.''