What makes a grown plutocrat cry?
Losing a Billion Dollars.
"Tears over One.Tel" - The Herald Sun 23-11-05
"IT began with an "enthusiastic" dinner meeting at James Packer's home and ended, 2 1-2 years later, with the son of Australia's richest man crying in Lachlan Murdoch's kitchen."
Citizen Packer, Big Girls Blouse.
The short -- and spectacularly unsuccessful -- life of telecommunications company One.Tel was detailed by Mr Murdoch yesterday during evidence to the NSW Supreme Court.
He told the court he was first approached with the idea to invest in One.Tel by James Packer, who sold the proposal to him during a private dinner at Mr Packer's home in January 1999.
A month later Mr Packer, Mr Murdoch and Mr Rich flew to New York where they successfully "pitched" the One.Tel investment to Mr Murdoch's father, News Corporation executive chairman Rupert Murdoch.
In the ensuing 18 months, News Ltd -- through its subsidiaries -- poured almost $600 million into the telco, which collapsed in May 2001 with debts of $2 billion.
It was Mr Murdoch's evidence of One.Tel's dramatic ending that provided the most colourful testimony yesterday.
smh A brief history of rest by decreeA brief history of rest by decree Email Print Normal font Large font By Connie Levett November 23, 2005 Advertisement AdvertisementThe rest penalty was used...
He told of flying from New York to Sydney for a crisis meeting at his home with James Packer and News Ltd executives on May 27, 2001.
"During the meeting, I noticed that James Packer looked extremely pale and remained virtually silent during the whole meeting," Mr Murdoch said in an affidavit to the court.
Later, in a private one-on-one conversation in Mr Murdoch's kitchen, a distraught Mr Packer broke down and cried as he apologised for the One.Tel debacle.
"I also recall Mr Packer appearing to be shocked and upset during the private conversation and saying to me repeatedly words to the effect, 'I'm sorry'," Mr Murdoch said. "By the end of the conversation Mr Packer was in tears."
"wub wub wub.. I want my Daddy!" B^D
.....
"Mr Murdoch will continue his evidence today. "
"How I held his hand and wiped the tears away"
-- "Those who give up essential liberties for temporary safety deserve neither liberty nor safety." - Ben Franklin
"History shows us that there have been many struggles between the honest men of England and those that tyrannized them. All good laws come as innovation and as constraints upon the power of the King and Lords."
-Colonal Thomas Rainsborough Council of the Army, Putney Church, 1647
"We swear by the Southern Cross to stand truly by each other and fight to defend our rights and liberties."
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