Kjell Inge Røkke

"The legal documents show that Kari Monsen Røkke was willing to go far to get her share of the fortune. If she couldn't have time with her spouse, she would at least get her share of the money. She knew they were wealthy, but just how wealthy she had no idea, only that it was probably a matter of several tens of millions of kroner. "The standard of living and lifestyle that we have all shared as a family has been extremely high, and to sort out, establish, and identify revenue, tax implications, and the nature and value of the various assets will be a huge job," Kari explained to the court. "I do not have access to enough financial information to determine with certainty all of our sources of income..." But she had to document every single cent she wanted to have, the lawyers said. And they advised her to "vacuum" the house for papers and talk to the couple's financial advisors to possibly learn even more. Kjell Inge had long since stopped involving his wife in economic matters. He had indeed told her that they owned about 32 companies, but what they were called, and what they dealt with, she had no idea. But she bravely began to scrutinize the villa for traces of the fortune, and she worked methodically and was eventually able to provide her lawyers with information."

"It is easy to see what Røkke is thinking about. He believes a system with fixed quotas is coming. And he assumes that the quotas will be distributed based on historical results: The more one has fished in recent years, the higher the ITQ allocation. This could mean Røkke's golden coup. Then he could get the right to fish pollock for billions every single year as a gift from the American authorities. "We believe that ITQ will come in one form or another – sooner or later," says Bernt O. Bodal, the head of American Seafoods. He sees clear arguments for eliminating today's race fishing where everyone has enormous overcapacity to grab as much as possible, as quickly as possible. Today, the people onboard work almost around the clock for the little over two months the season lasts."

"At the dock, they look like small tugboats, while "Golden Alaska" in comparison resembles the Coastal Express. And it is aboard this larger ship that the 27-year-old Norwegian Kjell Inge Røkke reigns. He is the boss of the entire fishing operation, although all the boats have their own captains. It is Røkke who is the owner, it is his money that goes down the drain when production stops if the catcher boats do not deliver fish. So the signals from Røkke were clear: "Aleutian Harvester" and the other catcher boats had to go to sea. There was no plea. Røkke ran the fishing with a firm hand. Every pollock fish meant dollars in the register, and as a co-owner, Røkke was pleased that the money kept coming in despite the poor weather. Therefore, they defied the poor weather forecasts – a decision that was fine for everyone on board the large "Golden Alaska", but considerably tougher for the people on the small catcher boats."

""The classic fishermen fished near where they lived and passed the profession on to the next generations. They depended on the fish resources not being exterminated. The trawlers can just move on," warns the Greenpeace campaign leader. "Think about the whaling. The whale was never threatened with the traditional methods of capture. But then came the whaling factories. And then the whale was exterminated in a few years.""

"It began off Newfoundland. There, local fishermen had harvested cod from the Canadian Grand Banks for nearly 500 years. Then came the large trawlers and they fished so efficiently that the fish disappeared. In 1992, the unthinkable happened: Fishing was closed. Nearly 40,000 workers lost their jobs. This is what can happen when capital forces are unleashed, warns Greenpeace."

"In Norway, Greenpeace is a ridiculed and derided organization. In the USA, they have powerful allies and good connections in Congress in Washington DC. The fight against Kjell Inge Røkke is political. Greenpeace intends to throw a spanner in the works and prevent Røkke's goal of conquering ever-new fish resources. The main battle will be over so-called individual transferable quotas (ITQ). The authorities want to end the dangerous and resource-wasting derby fishing by instead distributing the quotas to the companies in advance so that they can fish calmly and have longer seasons. American Seafoods wants such quotas. The quotas are like securities with the right to a certain amount of pollock. They can be bought and sold."

"The trio on board the "Aleutian Harvester" had one of the world's most dangerous jobs. Statistics show that it is seven times more dangerous to be a fisherman in Alaska than a fisherman elsewhere in the USA, and a whole 70 times more dangerous than being an industrial worker. Zimny knew from personal experience that the statistics hid tragedies. He personally knew several of the over 100 fishermen who in the last ten years had lost their lives fishing off Alaska. In his family, it was not an adage that "the sea takes and the sea gives.""

"When Røkke finally came up, the mood was somber. What were they to do? The rules are clear: The Coast Guard must be notified immediately if there is reason to believe that a boat has gone down. But that did not happen. For Kjell Inge Røkke, who had the operational responsibility on board, did not raise the alarm either. And even though the command lines formally had the captain at the top, the officers perceived Røkke as the real boss, and they registered with concern that Røkke did not want to do anything. On the contrary, he sat with his feet on the table and told stories about Norwegian fishermen who had gone down at sea."

"Kjell Inge gained business sense early. He sold pictures of himself to sports fans, and he was great at saving money. The first money he saved, he earned as an assistant telegram boy in Tomrefjord. Gjelsten's grandmother, Beret, was a commanding lady, and as the station manager for the Telegraph Service, she was a hub in the industrial village. Bjørn Rune got to bike with messages for 25 øre per kilometer. After tough negotiations, he managed to get three kroner for a round trip to the innermost part of the fjord (6 kilometers), and with the activity in the village, there were many bike rides for Bjørn Rune. So many that he needed a subcontractor, and he hired Kjell Inge. Of course, at a lower payment than what he himself received from his grandmother."

"At the end of 1979 came the turning point in Kjell Inge Røkke's life. The two Ålesund shipowners, Erik Breivik and John K. Sjong, bought a decommissioned supply boat from the Gulf of Mexico and transformed it into the state-of-the-art trawler "Arctic Trawler." They wanted to try their hand at cod fishing along the Pacific coast northward from Seattle. It was quite a daring venture, but the reason the shipowners took the chance was that they had no competitors. In Seattle, there were no major trawlers to speak of, so the two sunnmørings bet that they could make a catch. The problem, however, was that it was almost impossible to find proper professionals in Seattle. Sjong was big on crab fishing, and his people could not be used. Therefore, they agreed that Breivik should try to scrape together the best he could find in Ålesund. There, there were plenty of youths who would eagerly jump at this opportunity, they rightly assumed."

"Other teachers were less patient. His classmates remember well the time Kjell Inge brought a laughter machine to school. The teacher took it and threw it out the window where it smashed on the rocky ground below. Young Røkke was furious and demanded immediate compensation."

"Gjelsten's family was similar to Røkke's. The father, Per Gjelsten, was the manager at Tomren Factories, while the mother was a nurse. They were also working people used to putting in an effort."

"One reason the fathers did not complain was that they had two child stars with them. In those years, it was hardly possible to open a Monday newspaper without reading a results table where either Kjell Inge or Bjørn Rune, or most often both, were on top in their category. It eventually became a routine to be interviewed by the local newspaper after yet another victory. "Kjell Inge was a charmer," one of the sports journalists recalls. "He was unstoppable once he started talking. He was so popular among the journalists that the other children eventually started complaining that he was the only one getting his picture in the newspaper.""

"When the "Arctic Trawler" went over to Seattle, Kjell Inge was on board. Kari stayed back home in Norway. They had agreed that Kjell Inge should go over first and check out the conditions. There wasn't much free time to speak of either, and that suited Røkke and the other Norwegian young men just fine. They didn't earn anything on land, and since all of them were interested in earning money in the form of percentages of the catch, they wanted to be at sea as much as possible. And should they be so unlucky to spend a few weeks on land in Seattle, Røkke knew what to do. He tried to earn some extra dollars then too."

"Bjørn Rune, on the other hand, endured. He too was a late bloomer, but his father explained to him in detail what was happening and advised him to take it easy. The son followed the advice and maintained the discipline to train bravely even though it went just as badly on the tracks. He himself believes that the targeted patience from youth sports has been important: "I enjoyed the sport, even though I didn't win." Bjørn Rune distinguished himself as a methodical and targeted, meticulous young man. When he wasn't training, he was bent over his schoolbooks, or working and saving money."

""What I remember best about Kjell Inge at school was that he was often sent into the hallway. Usually with the comment: 'Unfair. It wasn't in the hall this time,' to the teacher," one of the friends recounts. "He constantly got into trouble because he couldn't stand injustice, neither towards others nor himself. And he didn't care about authorities. Kjell Inge was often to blame, but just as often, he became a scapegoat for the teachers. He probably should have gotten more support from the rest of us.""

"Once again, Røkke was suspected of drunk driving without a license. And this time, he had a serious discussion with Gunnvor and Normann at home in the kitchen in H. Thiis Møllers street. There had to be limits to the foolishness, his parents thought, and for the police, the outcome was simple: There would be yet another criminal case, and in this round, there was no doubt that Kjell Inge Røkke had to prepare to serve time in prison if he was found guilty again, which was likely – the police lawyer had no doubt about it."

"Røkke wanted to rise and succeed, eagerly seizing the opportunity when he heard that Breivik was looking for people with trawling experience. It was summer, and Gjelsten was home in Norway. Thus, he had his friend drive him to Ålesund for an interview with the fishing boat owner, and it was an optimistic pair of friends who jumped into Gjelsten's red Ford Capri and drove cheerfully over Ørskogsfjellet. However, the return was done in silence. The interview had gone south, Røkke believed. He had gotten worked up about the American dream, and now it was just to let it go. It didn't help that Gjelsten did everything he could to lighten his spirits."

"At the Molde police station, they had now started to take notice of Kjell Inge Røkke. They did not like at all that the city's youth were racing around in the streets, making life unsafe for innocent people. And especially not when it happened under the influence of alcohol with drivers who never had a driver's license."

"This rule also applied to the choice of housing. The whole Norwegian colony worked in Ballard, but those with better means chose to move further north, to Edmonds, a small, beautiful town beautifully located on a hillside, overlooking Canada. Mr. and Mrs. Røkke moved there too. They were cramped in their first small apartment, but they did not starve. If it pinched, Kari had several family members in the area at that time to lean on. Especially the uncle was good to have; he owned several apartments in the city of Tacoma south of Seattle, which Røkke could mortgage when needed. This is how the broke trawler base managed to finance his first real estate speculations. He bought the neighboring apartment in the building where he lived, refurbished it in his spare time, and later sold it with a handsome profit."

"Chief of Police Oluf Sundt was the prosecutor himself, and now he was stern. Kjell Inge Røkke had to go to prison, he believed; it was time for the court to put a stop to the reckless behavior before it ended really badly. Sundt did not mince words when he described how intoxicated the youths had been. And Røkke saw no reason to deny this. In court, he openly admitted to having drunk between 12 and 15 bottles of beer before the fatal drive. Any other claim would have been of little use anyway. For the blood test taken the same night as the collision clearly showed his blood alcohol content."

"But it was at sea that Kjell Inge Røkke laid the foundation for his career. Despite his young age and lack of education, he earned respect for his knowledge on board. This came in handy in the Norwegian community in Ballard, where everyone knew everyone. He got acquainted with Tor Tollessen at Lunde Maritime and Sigmund Eriksen at Lunde Electric, key suppliers of ship equipment to the fishing fleet."

"The old-timers were completely wrong about Kjell Inge Røkke. He quickly made his mark as someone who knew where he wanted to go, and he quickly became known for his big mouth in the Norwegian community in Ballard, a neighborhood just over the ship canal north of downtown Seattle. They laughed at Røkke's optimism, but the laughter was good-natured. The expatriate Norwegians had seen fortunes made – and blown – in the fisheries before. They had been with big shots up and down, and now here was a newcomer who wanted to live high from day one."

"When Røkke reflects on those early years today, the memories are characterized by the impoverished existence. The description is probably correct, but just a part of the truth, because Røkke did not save all his money, he also afforded some status symbols. People remember well that he bought an old, well-used Mercedes before he had a nail in the wall. He drove around in it and showed himself off in Ballard. Granted, the engine block was cracked, but high oil consumption did not stop Røkke from appearing as a wealthy guy living by the principle: If you want to be rich, you must act accordingly – and no one believes you have money until you show it."

"And while Vaagen Verft needed the money for everything else, Kjønsvik ordered a boat from the American shipyard Flohr Metal Fabricators Inc. in Seattle, USA – with no buyer at hand, of course. It was enough to shake one's head at. The shipyard lacked both contracts and money, and yet the CEO went ahead and ordered a boat from another shipyard?!"

"The brokerage firm was run by a man named Pierre Rajotte. He was involved in several projects, including the travel agency Ballard World Travel across the street from Lunde Marine. Rajotte was a used-car salesman type, what the Americans call a "wheeler-dealer"; someone you need to count your fingers after dealing with. He had noticed the young man who frequently came in to inquire about new boats. Røkke was not the only one, as there was a steady stream of local fishermen coming in to buy boats, but this one stood out. "He might have been twenty years old, but looked like a 15-year-old," one of the people working at the firm said, and they joked among themselves that Røkke looked so young that he probably couldn't even have a driver's license – and that wasn’t a dumb assumption..."

"But the job did not last forever, and once again they had little time together. Røkke was always fishing and the little free time in Seattle was spent by the industrious young man making money. Working with the trawl did not bring in many extra dollars, but it was enough to ensure he did not use up his painstakingly saved capital from fishing. Slowly but surely, the money built up in Røkke's bank account. He lived frugally on land, and at sea, there was nothing to spend money on. After two years he had $75,000. Not exactly a fortune, but a lot of money for an ambitious fisherman who thought he knew better than most how to fish efficiently."

"Røkke chose to write out a check for 7,000 dollars from the account of Karina Fisheries Inc. at Peoples Bank. Then he neatly put it in an envelope, wrote a pleasant letter, and mailed the supposed payment. 'Supposed' because of course, there was no coverage on the check. And one can imagine how the management of Rapp Hydema reacted to this maneuver. Here they had trusted and supported a young upstart, and the thanks they got was being kept at bay with sweet talk and rubber checks! Suddenly, Røkke had as much goodwill as a porcupine in a nudist camp. He went from being a promising challenger to something of a nightmare for his creditors. For Rapp Hydema was far from alone; Røkke could likely have gathered a small May 17 parade of creditors if he had wished it. It turned out that he had promised and guaranteed in a similar style all around the town. Yet, he continued to issue worthless guarantees to extract even more money from the gullible suppliers. For example, there was no coverage for the personal guarantee Kjell Inge Røkke handwrote on February 24th of the same year to the cable supplier Gourock Division in Ballard. There he knew Doug Turnbull, and the firm supplied fishing equipment for 75,000 dollars which Røkke and his wife Kari personally guaranteed: "We also guarantee that Karina Corporation and Karina Fisheries Inc. will pay the debt to Gourock Division." Signed by Kjell Inge Røkke, both for himself and for the two companies."

"It was the dream of owning his own boat that drove Røkke during these first two years. The dream of being his own boss with the opportunity to become rich made it easy to forsake pointless drinking and partying. Røkke was not a party pooper, indeed, but he found no joy in wasting his hard-earned money. So, he saved. And dreamed. It would take time, but one day he would become a shipowner, he told himself."

"Opportunities are known to exist for those who have the knack and capital. Røkke had enough savvy and also a good reputation as a skilled deck boss, but no one could accuse him of having a large capital base, so normally he would not have had a chance. But time was running out for the shipyard and the bank. They knew that a completed Ruggen without a buyer would be doomed to failure. It would be like lying down and waiting for the wolves. Kjønsvik managed to convince the Commercial Bank that the youngster could really handle the heat. It probably helped that the bank didn't really have a choice. They had long since paid out the money for the boat because they had lent money to the shipyard, so they actually came out better off by at least getting the boat into the water and generating revenue. It was agreed to give Røkke a chance, and the Commercial Bank agreed to lend him the entire purchase sum. Thus, Kjell Inge Røkke became a shipowner at 24 years old and the proud owner of the prototype and the first boat of the Ruggen type – and that before the boat was fully equipped. For it was only the hull that was built at Flohr, the rest of the job was to be done at the neighboring shipyard, Union Bay Shipbuildin"

"Kari gave birth to Kristian on February 9, 1983. In many ways, Kari and Kjell Inge each had their firstborn. Back home in Seattle, there was baby crying, while Kjell Inge was so desperate that he could have cried his bitter tears out at sea. He quickly realized that he had bought a pig in a poke. The vessel might have looked good on the drawing board, but when faced with reality at sea off Alaska, 69 feet was just too small. The boat was simply too small to fish effectively for cod. Røkke worked around the clock, but the effort did not pay off – it was impossible to make money from the boat. But he had only himself to thank. Not only was the boat a hopeless little tub, but the demanding, young shipowner had indeed loaded it with extra equipment at the end of the building period. Now he experienced that the things that were good to have were difficult to pay back."

"Most creditors were patient, but patience had its limits. Doug Turnbull and Gourock Division reached their limit on June 26, 1985. They still had not received their last 60,000 dollars, so Doug confronted Kjell Inge and put the knife to his throat. The outcome was another worthless letter, a so-called non-negotiable debt note, where Gourock got a lien on the fish aboard the "Karina Explorer". And so was everyday life at Karina Fisheries. The elastic was stretched further than advisable, creditors called and nagged, and Kari sat in the office calming them down. "This is how this business is," says Tor Tollessen at Lunde Maritime. "Fishermen usually have money just twice a year, and in many ways, we suppliers become a kind of bank with large outstanding amounts.""

"However, Røkke refused to appear as a loser. It was all about saving everything that could be saved from the creditors' claws. Together with his auditor, Pierre Rajotte, and lawyer Rex Stratton, he concocted a plan to dodge the guarantee to the bank and the shipyard. The means was to create a foundation for his son Kristian. Here, the father could transfer assets and shares, hoping they would then be safe from the creditors' long arms. Such a plan meant that Kjell Inge Røkke did not intend to settle his debts – the creditors were to be misled."

"On November 18, 1982, Kjell Inge and Kari Monsen Røkke signed the papers that made them shipowners. The young couple had no money, but they dared to bet everything they owned on the company Karina Corporation. If it went wrong, the bank would get everything. And everything really meant everything, down to furniture and bedding."

"The circumstances surrounding the purchase of the trawler, which was called "Karina," illustrate the courage needed to become rich. For in the late summer of 1982, it was not just boat purchase negotiations that occupied the Røkke couple. In between everything else, Kari became pregnant. And as her belly grew, the family was in over their heads. When Kjell Inge and Kari signed the guarantee in mid-November, Kari was six months along and soon there would be another to support. Still, they risked everything they owned. It was do or die for the young couple."

"Normally, even a composition would have meant the end of the line, as it is rare for a brand to survive such a cold shower without receiving negative feedback from consumers. However, that did not happen for the Molde company. The demand for Frank Shorter apparel just continued to rise, and orders poured in. Bjørn Rune Gjelsten felt the optimism returning. It was like in the ski tracks – when he felt it was going well, the energy came by itself. It was a hectic spring. The owners signed contracts with local agents in the United Kingdom, Germany, Switzerland, Denmark, and the Netherlands. In Norway, they entered the Intersport chain with both summer and winter clothing. Just a few days after the creditors forgave the debt, GN was ahead of its budget. Now everything indicated that they would manage sales of six million kroner in 1984, they concluded at the end of April. There was much better order within the ranks internally as well. The experienced bankruptcy attorney and Reksten-hunter Jens Kristian Thune took over as chairman of the board, and he taught the newly graduated sprouts a trick, namely to have export orders guaranteed through the Guarantee Institute for Export Credits (GIEK). They were not going to take any more hits."

"However, this portrayal of Røkke as a conscientious repayer is a truth with modifications. In reality, getting money from Røkke in the mid-80s was like pulling teeth with pliers. One of the first things he learned from Bob Breskovich was to keep creditors at bay with smooth talk and to otherwise cling to every single cent. "Røkke used his own money, the banks' money, and everyone else's money to get rich himself," is the testimonial from one of his former employees. This characterization tells the story of a man in incredible financial distress during the first difficult years. It was a tough period where he staggered from one due date to another, and bills piled up on Kari's office desk."

"The report gives him little honor, and the story of "Karina" appears as a castle in the air that ended in financial ruin."

"Therefore, there was no no in the supplier's mouth when Kjell Inge Røkke asked them to also join his next boat, "Karina Explorer". That autumn it went at express speed, no sooner was "Karina" destroyed, then Røkke turned around to look for a new boat. His only hope was to find a new business that could get the money rolling the right way. And he had no choice: Without the courage to take a risk, he might as well give up. Then he was done, plain and simple."

"But what impressed Gjelsten the most was the sports star's ability to turn his own sporting triumphs into economic success. Shorter had indeed built up an entire conglomerate that made jogging attire under the brand name Frank Shorter Sportswear. He had managed to market himself as something of a jogging wave pioneer, and Gjelsten was given something to think about. He was in a similar situation himself – his sports career was waning. He had indeed received a free education through his skiing skills, but now it was the economist Gjelsten that mattered. What was he going to do?"

"Røkke has chosen this way of presenting it for one simple reason: People do not like rich people who have become wealthy by exploiting their creditors. Especially not a man who roams around in expensive offshore boats and flies around the world in a private jet."

"The problem was just that he had no money. Not a dime. Even though he wracked his brain, he found no way to get the money. At the same time, lawyers had already started to rattle with bankruptcy petitions and other inconveniences. It was all about buying time, which he had learned from Breskovich, whom he considered somewhat of a master at "stretching" his money."

"It was a sluggish year in the fishing industry and many crab boats lay idle. However, downturns always offer opportunities for those who think ahead and dare to invest. Røkke and Breskovich took advantage of the situation and bought a couple of cheap small boats. On May 13, 1986, new drama arose. "Karina Explorer" struck an underwater reef and sank within a few minutes. Fortunately, the entire crew was rescued, but the boat was lost. For Kari Røkke, it was just a matter of sitting down at the typewriter and drafting a letter on behalf of Kjell Inge Røkke: "The boat was insured. We expect the first payment within 110 days, around the end of August, and by November we should have received the final payment. The boat, crew, and financial creditors will be paid with the first payment from the insurance. The rest will go to the unsecured creditors," Røkke promised at the end of June 1986. Then he went to Alaska, out of reach of the creditors."

"Nevertheless, it was in the fisheries that Røkke's real fortune was located. Even after the sale of "Golden Alaska", he remained with significant interests. Røkke was a co-owner of the three small boats "Aleutian Challanger", "Ocean Leader", and "American Beauty", and had assets worth at least 10 million kroner here. Additionally, he owned shares in the company Alaska Net Company worth 5.0 million kroner. Incidentally, this was where Røkke was formally employed. And for the job as "fishery manager", Røkke could already note a yearly salary of 130,000 dollars in 1987. That amounted to 910,000 kroner – a salary that at the time would have made him one of Norway's best-paid top executives."

"Røkke had entirely different experiences: Take the chance, think big. You usually land on your feet, was his motto. Now, for the first time, he had some capital to speak of, and he knew what he wanted."

"The latter have a good memory and little forgiveness for those who dodge their bills and in such an environment, trust is everything. Many of the boats have a myriad of owners and make agreements here and there. Then one simply needs to be able to trust the people one does business with. So the cost of running from the bills is often greater than settling them. There come new times when one might need new credit. And there is a reciprocity in this. People who are skilled tend to bounce back, and suppliers are often willing to extend credit further in such cases. And kind, but not foolishly kind, Tollessen bet on Kjell Inge Røkke, giving him more credit, despite not having recovered his $100,000."

"Røkke had barely a nickel to his name, true, but the bank was persuaded by Røkke's expertise and impressive determination. And once again, Røkke took advantage of another party's financial woes, for US Bank immediately realized it was much better to have the boats out at sea rather than lying idle on land. Therefore, they agreed to lease the boats to Røkke and also gave him the option to buy them if everything went well. This is how Kjell Inge Røkke and Bob Breskovich got their hands on the two crab boats, which they renamed to "The Harvester" and "The Challenger" - "Aleutian Harvester" and "Aleutian Challenger." They hardly put any money in, but managed to stretch US Bank to provide new loans for repairing and improving the boats. The job, costing $250,000, was carried out at Goos Bay. This was a unique chance for Røkke to turn things around. Now it depended on his skills as a fisherman. If he was good, he could end up as a boat owner again before long, and everything went very well until Røkke had to settle the bill for the repairs. Then everything went awry, and according to the shipyard, they dodged the last $20,000 by playing tricks and shuffling between different companies. Afterwards, the frail vessels were sailed straight to Union Bay Shipbuilding for extensive rebuilding."

"Breskovich also differed from the other fishermen in other ways. While they did not claim to be anything more than fishermen harvesting from nature, Breskovich opted to present himself as a director and shareholder. He was based in offices "down town", while the Norwegian fishermen chose to be in Ballard, a choice that meant they took a long time to be accepted in Seattle's business elite."

"Rapp Hydema refused to give up, and when Røkke desperately needed repairs, the company responded by demanding money upfront for the initial deliveries. Thus, they had their last contract ever with Kjell Inge Røkke. "He is fiercely loyal if you stand behind him, but he is ruthless if you don't," is a description from the Norwegian environment."

"In a meeting with the creditors at the end of April, all but one agreed to let mercy prevail over justice. The end result was that the creditors forgave 1.9 million in debt, or three-quarters of the money they were owed. They really had no choice. The alternative would have been bankruptcy, and that would not have yielded much – the young owners did not even have a nail in the wall. "It was a tough round, mentally as well, but we settled up and 90 percent of the suppliers continued with us. I had to mortgage my house and car," Bjørn Rune Gjelsten recounts."

""I don’t know how many times I went to see Bob because he owed me money, and returned just as happy – without getting the money," says another. "That man could really talk his way out.""

"From harm comes wisdom, but not wealth, as the saying goes. And it was not a wealthy Kjell Inge Røkke who tried to rise after the harsh blows he received in the face in the early '80s. The young man had many costly experiences behind him. His company, Karina Corporation, was a black hole with little money and many angry creditors who had believed in him and missed."

"Therefore, the archives in the probate court in Seattle are stacked with cases against Kjell Inge Røkke. The summonses tell all about how he exploited and played blind man's bluff with people he owed money to. But the recurring theme is secret settlements. This is how Røkke's reluctance to settle his debts was crowned with success. In most cases, he could indeed buy himself out for pennies."

"What characterizes successful businessmen is that they dare to try new and unknown things."

"Wittusen dismantled Røkke and Breskovich's plan. For a while, it looked very bleak, and Breskovich realized that the battle was lost: "Let's give up and go home. This project looks like Berlin after the war," he stated. But Wittusen had no intention of giving up. He just wanted to extract all the knowledge from the new clients, and after many tough rounds, he was satisfied. Out came a business plan that Orkla Finans then presented to several Norwegian banks. In a short time, Wittusen achieved the incredible: securing not just one, but three different financing offers. The choice fell on Bergen Bank."

"These can also be divided into two groups: empire builders and the risk-takers. The first group consists of people who have succeeded within their specific niche. Here we find people like the grocery tycoons Stein Erik Hagen and Odd Reitan. They indeed have a bit of minor business aside, but the vast majority of their fortune is in the main company. The members of this group are not very enigmatic; it is easy to see why they have succeeded and what has made them extremely rich."

"What Røkke and Gjelsten had in common was a belief in what is known abroad as "relational business," which means doing business with a few individuals whom one builds long-term and good relations with. It can be customers, suppliers, or banks – the important thing is always to do business that is good for both parties."

"The risk-takers are harder to understand. Here we find people like Christen Sveaas, who has succeeded in diverse industries such as shipping, real estate, and IT, and who never says no to gambling if his instinct and calculator tell him that there is new money to be made. For many of them, money is more a measure of success than a means to high consumption and prosperity. This makes them less afraid of losing everything. They enjoy the moment and have very high consumption, but at the same time are not very flashy. They know the road back to the streets is shorter than many can dream of."

"But creditors who wanted to get an overview of Røkke's fortune had no easy job. Even Kari didn't know about everything they owned. She could perhaps list about 10-15 different companies, while her husband said that "we own about thirty". The tax return didn't reveal much since both ships and properties were listed at the price Røkke originally reported. In the meantime, the prices could well have doubled without it being known. And the tax return was anyway a deeply kept secret from the creditors. Probably the only comprehensive overview existed in one place: in Kjell Inge Røkke's head."

""Kjell Inge is manic. When there is something he wants, he almost goes over dead bodies to make it happen the way he wants," says someone who knows him well."

"In Seattle, Røkke poached one of the competitors' best people, Ed Lutrell. The experienced director was tasked with building up the newly founded fishing company. With several hundred employees, it was no small feat, and the choice of name indicated that Røkke was thinking big: “We said: The company is owned by Norwegians, financed by the Norwegian state, and operated with ships from Norway. Let's call it American Seafoods,” jokes Ed Lutrell when he looks back. The choice of name was hardly coincidental – the more American the company appeared, the greater the chances of not provoking the opponents to close the loophole in the law."

"It may not have been surprising that the banks were skeptical. For Røkke had no more than 10-15 million kroner in equity to flaunt, while the new building would easily cost 230 million. The project simply didn't have enough equity to get off the drawing board."

"This method has been used by Kjell Inge Røkke repeatedly, and it rests on a simple observation: In most companies, the director does the job, while the owner walks away with the profit. The cheapest way to take over a business is to tempt key personnel with a few million kroner. In such contexts, it's petty cash."

"This fishing machine is something Kjell Inge Røkke wants to implement in fishing in the southern Pacific Ocean off Chile. But the "American Monarch" is a symbol of everything Greenpeace dislikes. Therefore, the organization fights against the boat tooth and nail."

"Not a good testimony, then, from the lawyer. But then critics will object that it is exactly the lawyers who earn the most from these cases. American law is such that people who get injured in work accidents do not automatically receive compensation. Often they have to sue the employer, and many of the resource-poor Americans or Mexican guest workers on board do not have money for that. The solution is hungry lawyers who work on a "no cure, no pay" basis. This means that if the client does not win support and compensation, then the lawyer does not get a cent. On the contrary, the client and the lawyer share the profits. And then it becomes almost risk-free for any dissatisfied fisherman to sue American Seafoods."

"But what he did wasn’t too terribly foolish, to put it that way. Because the crisis taught Røkke to fill up the cash register ahead of possible bad weather. In autumn 1995, money poured into RGI's coffers. First they spun off Norway Seafoods and brought in 720 million kroner there. And since then, RGI sold new shares for a total of 800 million kroner."

"It started tough, but ended pitifully for the environmentalists. First, their boats got stuck in the oil booms, then they couldn't secure the banner. "I was almost tempted to help them," Røkke taunted Greenpeace on television after the hapless action. From the deck of the "American Monarch," a unique banner was raised: "Greenpeace lies for money". But eventually, Greenpeace managed to display their message. Their banner was a malicious pun on American Seafoods' company slogan that they are the pride of the ocean; "Pride of the Seas": "American Monster – plunderer of the seas," was the environmentalists' verdict."

"The two friends from Molde were filthy rich. That was now. But they also sat on a cash box of several billion kroner. Now they had a unique opportunity to seriously implement RGI's business idea of entering companies with poor management, restructuring them, achieving new growth, and then selling the companies at a great profit. On the Oslo Stock Exchange, there were many such companies. Now RGI had the strength to attack one of the giants."

"For all parties, this was an excellent construction. The bank needed business, Røkke needed loans. Soon, American Seafoods became one of IS Banken's most important customers, while climbing the list as one of the bank's largest owners. IS Banken was used as a financing source, among other things for a distant project in Vero Beach, Florida. Here, 50 million kroner came from the small commercial bank on Norway's west coast."

"Ole Andreas Halvorsen"

"Røkke had both the bay and the ends and played ruthlessly. Møgster and Torgersen experienced what it meant to defy him. With support from Mundt and the other partners, Røkke held the power – and he used it hard. The end result was that Møgster and Torgersen received 5.5 million dollars for their bare third-party share of the company, which valued the entire company at 123 million kroner. It was a disgraceful price for a company that was likely worth ten times that. Norwegian tax authorities were alarmed when the sum appeared in the tax returns. They suspected that black money had been paid under the table and initiated an investigation. But it led to nothing, as the incredibly low purchase price was correct."

"It smells of new linoleum and not fish on board the "American Monarch" where the giant trawler is moored at Pier 91 in the Port of Seattle. The dimensions are impressive. The entire fishing operation can be controlled from the bridge using computers. The enormous trawl door allows the boat to fish continuously with two trawl nets. When one trawl is hoisted up, the next one is thrown out. The trawl nets have gigantic openings of 124 by 124 meters. The opening is larger than two football fields. In theory, these trawl nets can fish a thousand tons per day."

"However, Jens P. Heyerdahl is a crafty fox, and he set tough conditions to join the Røkke race. If Orkla were to join, Kjell Inge Røkke and Bjørn Rune Gjelsten had to commit to spending all their time at RGI. At the same time, they had to promise not to engage in private business on the side. If the Orkla boss was going to be a passenger, then he demanded that the two bosses be firmly tied to the driver's seat."

"Then he moved on to a management position at Morgan Stanley, one of the toughest and best American investment banks. There, Halvorsen performed so well that he was headhunted by none other than Julian H. Robertson, the extremely wealthy and media-shy billionaire behind the feared Tiger funds. The young Norwegian moved into Tiger's fashionable premises and began investing huge amounts in cheap Norwegian stocks. Just on Storebrand, he earned more than a billion for his funds in a short time. And it was probably not just luck, as Andreas Halvorsen, as he refers to himself, is widely known for his detailed studies of the companies he invests in. And he is a feared visitor where he meticulously scrutinizes the management with inquisitive questions before deciding to invest a penny. This man met Kjell Inge Røkke in 1993, and Røkke wanted one thing; namely, to get Tiger as a supporter."

"Also at the partner meetings, it started to blow up, and the mood went from gusty to stormy when Røkke suggested that they should still invest millions in real estate in Norway. That was the last thing Møgster and Torgersen wanted. On the contrary, they wanted to "stand it off" - to lie low until the waters became calmer. Røkke refused to listen to this side and completely ran over the partners. With clever juggling, he moved huge amounts and freed up capital for his raids in Norway. Møgster and Torgersen became furious when they discovered what was happening. They did not see the opportunities the real estate market in Norway offered and did not want to invest money in buildings in Molde and Nydalen at all."

"The old shipyard owner taught Røkke ingenious financial operations and smart business moves, but the most important lesson was to build up long-lasting relationships and tight networks. "Do good business, but not so good that the partner goes bankrupt. To succeed over the long term, it's absolutely necessary to also let the partners do well," Breskovich admonished."

"Røkke was no different: Each ship was owned by one company. It looked simple on paper, but when one wanted to know who was behind the company, one came up short. For a spiderweb quickly formed that swarmed with owners. This suited Kjell Inge Røkke like a glove since he was almost the only one who had a complete overview. But more importantly, the network was constructed in such a way that Kjell Inge Røkke effectively held all the power. The problem was that Kjell Inge Røkke saw all the money as his own money bin, and the businesses as a gigantic sausage stand where he could control everything alone. It had to go wrong because some of the partners were interested in fishing, while others only thought about real estate. And they immediately went to war with each other when Røkke manipulated the money between the companies. The first "skirmishes" between the partners already came in 1989, when Kjell Inge Røkke, without asking anyone, suddenly withdrew several million kroner – as an "honorarium" because he had the idea of "American Empress". When Torgersen discovered the withdrawal, he became furious. But Røkke told him to shut his mouth: "I have the majority and I do what I want.""

"The lightning attack on Intersport in the fall of 1993 is a classic Røkke operation. With a store sale of over 650 million kroner, Intersport was the major competitor to Røkke's sports chain, Gresvig. At the same time, many of Intersport's stores were faltering, and the chain was struggling financially. The chain was, in short, a tempting target, and Gresvig sat like a vulture waiting for the right moment to strike. In this situation, Kjell Inge Røkke makes two ruthless moves; he contacts Intersport’s CEO, Erik Myhren, and offers him an enticing financial proposal. At the same time, he tempts Intersport’s most important member, sports store owner Tommy Bøhmer, to switch over to Gresvig with his seven very profitable stores in Oslo. Intersport's board is completely unaware of the brutal attack. It happens quickly, decisively, and in complete secrecy. The next thing that happens is that Tommy Bøhmer accepts the offer. Then, Intersport director Erik Myhrer sends a letter to all the stores in the Intersport chain advising them to switch over to Gresvig. The director's game behind the backs of his own owners explodes like a bomb in Intersport's board. Røkke has managed to create unrest in the ranks, and now he is making his next move: He offers all store owners 100,000 kroner in transfer sums. At the same time, he promises to lift them out of a significant debt of 57 million kroner that everyone is responsible for at the chain's headquarters. Touché!"

"For Røkke, there was only one thing to do - retaliate in the same coin. He had some good cards in hand, for it is always a tremendous advantage to have the majority. Actually, the outcome had been clear from the start – Røkke could choose between two approaches: Either to completely ignore the partners and let them sit with their pitiful percentages, or he could buy them out. It was a devil's dilemma for Helge Møgster and Harald Torgersen, but they really had no choice. Dejectedly, they accepted Røkke’s offer to buy them out. It was an offer they couldn’t refuse ..."

"The final straw was when Kjell Inge Røkke on one occasion took out a loan for 20 million dollars on behalf of American Seafoods and used Harald Torgersen's name on the loan document – allegedly without Torgersen's consent. There was an uproar and Torgersen immediately resigned from his position as president of the company. It looked bleak in every way, both for Røkke and the fishing company. Røkke was saved by the Norwegian real estate market which began to look up. There were significant values in front of the eyes of the banks, and they accepted that Kjell Inge Røkke provided a personal guarantee for the debt to save the shipping company. Without the real estate values in Norway, it would never have worked, and Kjell Inge Røkke was furious that the partners had failed in such a serious situation."

"What makes Røkke change girlfriends more often than others change wheels on a car? That too has been thoroughly analyzed in the press. "Røkke is a thrill-seeker," believes researcher Ellen Beate Hansen, and considers him as someone who is constantly hunting for new, intense experiences and exciting situations. This began already in school, the readers are explained. The reason Røkke struggled through and quit after only nine years is that he, as a thrill-seeker, was in rebellion against authoritative teachers who made everything "slow.""

"Kjell Inge Røkke has a phenomenal ability to pick winners and bring them into his fold. And he strikes when it suits the opponents least. A good example is the Seattle-based Svåsand family and their Aleutian Spray Fisheries. The boats were operated by the Norwegian Bernt O. Bodal, who had been at sea for many years as a captain and was a key employee in the shipping company. Bodal used his position to obtain ownership shares, but there was constant quarreling between the owners and the manager about which direction the shipping company should take, and economically, it was doing poorly. From the sidelines, Røkke watched as the shipping company dug itself deeper into debt, he fancied the boats and made his plans. So when the bank put the screws on the shipping company, Røkke struck and bought the debt. Now it was Kjell Inge Røkke who could dictate the terms. The first thing he did was to buy out Bernt O. Bodal by tempting him with ownership shares. The old owners couldn't do much and just had to accept being bought out for next to nothing. The outcome was that Røkke and Bodal started American Pacific Fisheries and took over "Pacific Navigator," "Pacific Scout," and "Pacific Explorer." Bodal received 20 percent. In this way, Kjell Inge Røkke managed to kill two birds with one stone: He secured the small, but top-modern trawlers, and at the same time recruited a man he considered very skilled. The ownership share Bodal received ensured that he was bound to the mast for the foreseeable future."

"It ended with an attempt at a palace coup, where Møgster and Torgersen misjudged the situation. The partners had money in reserve, but they thought they could "dry out" Kjell Inge Røkke by not providing new capital. In secret, they intended to run American Seafoods into the ground, force their partner out, and take over the ruins from the banks afterward. So, Møgster and Torgersen tightened their purse strings and procrastinated as much as they could."

"Røkke was bold enough to continue using American Seafoods as his own money bin, without caring about the partners. In total, he took out over 50 million kroner. Then Møgster and Torgersen found a loophole: For every dollar Røkke took out for himself, they put 50 cents into a separate account. Thus, they had also secured a straw into the cash register."

"The perhaps most important deal concerned the possible merger between Gjelsten & Røkke Eiendom and the real estate company Avantor – a gigantic deal in the several hundred million class, which was also very sensitive to the stock market because Avantor shares were bought and sold on the Oslo Stock Exchange. And there, no one knew anything about the upcoming merger and the possible price increase that such good news could entail."

"There were some days when big adjectives flew low, and where bragging about the new owners came easy in Sam Hammam's mouth: "He is truly Clark Kent. Under his shirt, you can see the Superman suit," Hammam stated. In the Daily Mail, a columnist ironically retorted that "unlike Clark Kent, 38-year-old Røkke is not troubled by false modesty.""

"What everyone knew was that most of the values in the fisheries were in the company American Capital Group Inc. It was here Møgster and Torgersen poured their money, but the bay and both ends were owned by Røkke himself with his 62.5 percent. The Norwegian partners together had just half of Røkke (31.25 percent), while Carl Mundt and David A. Herrick owned respectively five and one percent."

"Now, Jan Petter Storetvedt was the company's "teflon leader" – he who withstands dirt without it sticking. For Røkke, patience is great for loyal leaders who make money multiply. And that's exactly what Storetvedt did."

"But Gjelsten was not only satisfied with the player trades becoming more professional, he wanted to streamline the entire Molde Football Club. The dream was a stock market listing. It was the start of a classic operation in Gjelsten & Røkke style: First, they injected 10 million into the newly founded Molde Fotball ASA. And when the club later invited others to buy shares for 50 million, the price per share quintupled. Thus, the "rich uncles" had already secured a very handsome return on their help to the city's pride."

"The method is as simple as it is brilliant: Remove all the excess and squeeze the lemon to the maximum. Show how much the lemon was squeezed last year, and sell the lemon at a high price. Then the buyer can sit with their squeezed lemon and see how much more juice they can extract."

"Only a few months later, the last piece showed what puzzle Kjell Inge Røkke had laid. It then became known that Orkla Finans had been hired to turn the football madness into shiny kroner. It smelled of a future stock listing from a mile away. First, Røkke founded the investment company Wyndmore N.V. in the Dutch Antilles. He then transferred his 80 percent of Wimbledon and 88 percent of Molde there. And who else but real estate director Jan Petter Storetvedt emerged from the great nothing and occupied the director position. "It's my job to try to make the best out of those investments," he stated to the press. At the next step was stock market listing, most observers immediately thought. And that was exactly what the court broker Orkla Finans was commissioned to evaluate. The idea was to get other investors to inject money into a project that valued Wimbledon at over 300 million kroner and Molde at 100 million. Sam Hammam certainly knows what he is thinking, and it is to lead Wimbledon into the future European League and possible major revenues from pay television. Gjelsten shares the visions: "We have ambitions for a fruitful collaboration between Molde and Wimbledon to turn Wimbledon into one of the big clubs – not just in England, but in Europe.""

"The next step was to sell off the large collection of factory buildings located in the company Industribygg. Again, a brokerage firm was called in, and again they returned with rosy valuations. Sundal Collier & Co believed the collection of industrial buildings could be worth just over half a billion kroner. It was just a matter of finding a buyer. Finance newspaper smelled the rat and asked Kjell Inge Røkke outright if Avantor was a potential buyer. "I haven't asked Jan Petter Storetvedt about it, but I'm not sure Industribygg is the right property mass for them," he replied. However, two months later, Røkke was sure of just the opposite – the property mass was indeed perfectly suited for Avantor. It was a strange board meeting, where Røkke – despite being both buyer and seller – did not leave the room. On the contrary, he chose to sit on both sides of the table when Avantor decided to pay 390 million kroner for his company. "It was never a topic that Røkke should not participate in the meeting. In my board, everyone says what they want anyway," Storetvedt explained afterwards. When directly asked if he ever considered staying away from the board meeting, Røkke replied: "That's a silly question. I saw it as my task to consider the administration's recommendation.""

"When the offer came from Manchester United, Solskjær was sent to the cinema while Gjelsten and Røkke went with their private jet to meet manager Alex Ferguson. There was no sense in being humble. Pay 15 million kroner, or forget the whole deal, was the message to the big club. In Norway, this was an unheard-of price for a player they had given a fifth part for the year before. But Manchester bent and paid reluctantly. In Norway, Røkke and Gjelsten were celebrated as Molde's "rich uncles" and some fantastic negotiators who managed to get out a record sum. But the joy was somewhat short-lived, as Solskjær scored in his first game and became a favorite at Old Trafford. Two years later, he was valued at 100 million kroner. For once, the buyers made a significantly better deal than the two football idiots from Molde. But the sale taught Røkke one thing: If Solskjær could become a star in Manchester, then the difference between Molde Football Club and the British major team valued at several billion kroner on the London stock market was not so big. Drillos had taught Norway that we could measure up with the world's best national teams. It was just about leaving respect at home and thinking big. The same thing could happen with Molde."

"It is in real estate that Kjell Inge Røkke has performed his toughest stunts, and it is here he has used some of the toughest methods. Method number one has been to buy up the debt of crisis-stricken companies and then pressure the management and owners to beg for mercy. When you sit with large loans and do not have money to pay interest, then you do not have much to say. With the merger with Avantor, Røkke's foreign properties were separated out so that they were not included in the deal. Thus, Ken Uptain continued to manage the luxurious Grand Harbor project in Florida and the less lucrative Lynnwood shopping center in Seattle for RGI. At the beginning of the 90s, Uptain represented one of the real veterans in Røkke's business life. They had known each other since the first party in 1984 and had been partners in many hundreds of apartments. Moreover, it was Uptain who came up with the name that would become Røkke's: The Resource Group, which eventually became RGI. Now, he was a bit sidelined as Jan Petter Storetvedt emerged as the new real estate comet within the group."

"It began in Molde when Storetvedt got the marketing responsibility for the Moldehallen in the old steel building at Bolsønes Verft. At that time, Røkke was mostly in Seattle, while Bjørn Rune Gjelsten managed with GN International. And it is hardly an exaggeration to claim that Røkke's money bag combined with Gjelsten's aggressive investment was what, within a few swift months in the winter of 1992, turned Storetvedt into a significant local property manager. He was responsible for 24,000 square meters by that same summer, and then the massive purchase of Elkem Eiendom was next. Suddenly, Gjelsten & Røkke Eiendom was one of the country's larger real estate companies. It had happened quickly and without any of the industry's real heavyweights managing to grasp what was going on. In Molde, people could hardly believe their eyes; Storetvedt had suddenly become a significant real estate investor."

"How could Røkke replace the boss at Helly Hansen? "It wasn't that difficult. There was just one man who needed to talk to two people," says someone closely connected. The outcome was that RGI bought half of Helly Hansen for 125 million, and at the same time made a transfer agreement between the directors. For an appropriate severance pay in the million class, they agreed to switch jobs. Thus, the systematic Gyrd Skråning went to Askim, while Johnny Austad took over Helly Hansen in Moss. And when RGI shortly thereafter completely sold out of Gresvig, Gyrd Skråning disappeared off the sidelines for RGI's part."

"Røkke proposed a brilliant approach from his perspective. What about letting Orkla Finans be the financial adviser for both parties? Incredibly, the Andenæs family agreed to the proposal. Thus, the brokerage firm that Røkke had almost single-handedly kept alive was engaged to price the two companies. In return, Avantor would get both the chairman and the CEO in the new company if they just agreed to buy Gjelsten & Røkke Eiendom for the price determined by Orkla Finans. According to the brokerage firm, the values were not small. Deducting debt, Gjelsten & Røkke Eiendom was worth 620 million kroner, Orkla Finans believed. It was quite a value increase from the first, faltering attempts with the Moldehallen in the mid-80s. The golden coup was Elkem Eiendom, which, according to Orkla Finans, was approaching a billion in gross value. Deducting debt, there was no doubt that the effort had more than doubled in just over a year. The Avantor management did not take the values at face value, but, tempted by the bait of filling the leadership positions and with a bit of a discount, a deal was made. The outcome was that Kjell Inge Røkke and Bjørn Rune Gjelsten ended up owning 65 percent of the “new” Avantor. But what about Jan Petter Storetvedt? Did they really sacrifice their loyal property manager to get in through the back door at the Oslo Stock Exchange via Avantor? Not at all, it was just Avantor's CEO Leif E. Johansen who thought so. He celebrated May 17th in the usual way and showed up at Avantor's general meeting the next day to convince the shareholders to accept the offer. They applauded him into the CEO seat for the new major company, and Johansen could face the summer as leader of one of the largest real estate players in the country. Two months later, he was fired by Kjell Inge Røkke because the collaboration allegedly "did not develop as expected." Consequently, Johansen had to walk out with a million in severance pay and left the chief's chair he had occupied for 12 years to Jan Petter Storetvedt. The former chairman Rolf Gulbrandsen remained a bit longer, but by the turn of the year, it was Bjørn Rune Gjelsten who was running the shop. For it is power that rules, and with 65 percent of the shares, there was no doubt about who had the final word."

"During some quick chess moves, Røkke, Gjelsten, and Storetvedt moved properties between their companies and hyped up the values. Once again, Kjell Inge Røkke was on all sides of the table when the deals were made. It started with ANS Gresvig Bygg, the headquarters of the sports wholesaler in Askim. The building was sold to Gjelsten & Røkke Eiendom and leased back again. Now, you might not think that had a significant effect, but then you do not work at the Oslo Stock Exchange. With this maneuver, Røkke managed to reduce the debt in Gresvig – while simultaneously increasing the income in his real estate company. And just like that, both rose in value, even though Røkke was really just dealing with himself. This is how a kingdom was united under Jan Petter Storetvedt. When one of Røkke's companies had a large office or a factory building, it was sold – and leased back. Thus, everything was transferred to the newly started company Industribygg. Gradually, this company had purchased industrial buildings for close to 275 million kroner from the other Røkke companies, including four factory buildings belonging to the major fish exporter Skaarfish, which Røkke bought for a song when the company was down and out. Thus, the companies were stripped of properties. But not to slaughter them and parcel them out into delicacies according to Bjørn Rune Gjelsten: "The reason why we established Industribygg was that too much management time was spent on the property holdings and not on operations. Managers should focus on operations, and the real estate company should take care of the properties." Moreover, it was Røkke and Gjelsten who held the magic formula that could transform the dusty industrial buildings into ringing coin in the cash register. The first move was a stock market listing, or rather; finding a backdoor onto the Oslo Stock Exchange. The solution was the real estate company Avantor, the Andenæs family's old company which had developed, among other things, Oslo Havnelager, but which was leading a dormant existence, marked by the family's financial troubles. It was another friendly raid."

"The meeting began with Austad presenting the company and his thoughts about the future. Then they went out and walked around the buildings on the fields east of Askim. There, Austad was pulled aside by Gjelsten's partner and asked a short question: "Do you believe in this?" When Austad answered yes, the decision was made. From then on, both Gjelsten and the unknown partner, who of course was Kjell Inge Røkke, talked as if they were going to buy Gresvig."

"For Johnny Austad, Gresvig was a saga that made him a multimillionaire. When he turned 40, he bought himself a Harley Davidson motorcycle, and he made the roads in Inner Østfold unsafe. But only for a short while, because soon after, he was paralyzed in half of his face. The muscles in his face couldn't handle the wind, so he had to stop riding motorcycles. Instead, it was back to business, as they were now looking for more brands, and Austad had no doubt when he spoke with Gjelsten and Røkke: As a customer, he had experienced the Mosse-company Helly Hansen up close, and there was much that could be improved. "If you are going to buy a new brand, it must be Helly Hansen," said Austad. In Austad's eyes, Helly Hansen did everything wrong. Instead of making what customers wanted, they made products that suited production. They held a world-leading brand, but only had products for bad weather – a type of weather that almost only existed north of the Arctic Circle. Orkla CEO Jens P. Heyerdahl had also noticed the pupil's good handling with Gresvig. It was Orkla that owned Helly Hansen, and Heyerdahl knew all too well that they had never managed to get things running smoothly. Helly Hansen was one of the last textile factories to move production from Norway to Portugal, and when the rest moved on to the East, Helly Hansen was left with a large Portuguese factory. Something was fundamentally wrong, the Orkla CEO understood."

"The Gresvig coup also had other typical Røkke traits. It was here he first discovered how useful it is to sit on all sides of the table. The first thing Røkke and Gjelsten did was to pump goods from their own companies through Gresvig. The G-Sport stores were filled with clothing items from Frank Shorter and Tomra – "on business terms," as it was stated. At the same time, they bought Gresvig's buildings and leased them back to Gresvig. Through many cunning maneuvers, the rest of the Røkke system extracted 40–50 million kroner a year. On top of that, Røkke and Gjelsten's company, Sport Invest Inc., demanded "consultancy fees" to assist the Gresvig management. No less than 13 million kroner were taken out in one year. To top it all off, the new owners were not modest enough to refrain from draining Gresvig of 36 million kroner in group contributions."

"Austad is an inspirer and a brand builder by the grace of God. Where others got hung up on zippers and buttons on the sports jackets, Austad noticed the brand on the chest. What were the customers really asking for when they bought Nike shoes for 1,300 kroner? Was it the quality of the shoe, or was it the status of owning such an expensive shoe, combined with the buyer believing the shoe was extremely good? Austad understood how the customers thought, and where sports stores nagged about screws, nuts, and service, the boss thought sales, sales, sales. Austad himself emphasizes that he should not take all the credit. Smart enough, he always stressed how important and useful it was to have Kjell Inge Røkke and Bjørn Rune Gjelsten on the board. "Most other boards spend 90 percent of the time talking about the past, and only 10 percent about the future. In the Gresvig board, it was the opposite. There we mostly looked forward," says Austad. Before the trio took over, G-Sport was a series of country stores with huge parts warehouses and outdated tracksuits. Many of the stores struggled heavily, with little support from the chain. Austad backed them into a corner: Either they joined, or they were out immediately."

"The summer of 1991 was no golden age in the troubled American real estate market, Røkke and Uptain had painfully experienced. Indeed, they managed to sell off almost everything before the market completely bottomed out, but nobody gets rich by selling chickens in the drizzle, so Uptain was puzzled by his partner's sudden aggressiveness and desire to buy. Buying big now did not sound specifically smart, but the prudent property man knew better than to doubt Røkke's instincts. Was it not precisely the Norwegian's ability to buy when no one else would that had made them wealthy?"

"In Gresvig, however, Røkke and Gjelsten were not interested in extracting the gold any longer. It was much more interesting to sell the gold mine onwards. With Austad in the boss’s chair, the company had turned around and was doing well, now a sale was on the horizon. The job went to Dag Fasmer Wittusen and his team. They listed Gresvig on the stock exchange and put out a small share offering for public sale. "All of Norway" wanted to buy into Kjell Inge Røkke's successful company. Shares for 90 million kroner were released in the first round, and they were sold out 17 times!"

"Therefore, Wittusen brought the two together one afternoon for a meeting at Heyerdahl's office at Orkla's main office, which at that time was located at Lysaker. There was no talk of a partnership at first sight, as there was simply too much that separated the two: Kjell Inge Røkke was the unpolished and impulsive – a man of action, while Jens P. Heyerdahl, on the other hand, liked to take his time. As the most patient and tenacious leader of Norwegian industry, he had made a career of wearing out his opponents. Heyerdahl's trademark was to wait them out, as it's said, and he wanted to take his time this time as well. Kjell Inge Røkke would have to prove his worth before he entered Heyerdahl's sphere."

"The end result was that Gresvig AS changed hands. First, Gjelsten and Røkke bought 60 percent of the shares, and after a short time, they tempted Aksel Gresvig enough to sell the rest as well. Thus, the two partners became owners of the country's largest sports wholesaler for 60 million kroner and started an acquisition that deserves to go into the textbook for future stock sharks. This is the story of a raid with a human face – a battle with no losers, only winners. Not many thought that Gjelsten and Røkke had made a good purchase. The price tag was so high that the previous owner, Aksel Gresvig, patted himself satisfied on his vest pocket and thought he had made a good deal. For the buyer, a tough race began to get the headstrong G-Sport stores back on track."

"In the early 90s, Røkke was still unknown to the general public in this country. He had indeed been on the cover of the magazine Kapital, but with a blurred color photo. Locally, however, he was starting to be branded as something of a Croesus. And that suited Kjell Inge well. Not because he ran around boasting, he has never been a braggart, but he is a hound for recognition and nothing warmed him more than a pat on the shoulder from people close to him in Molde. He thought it was well deserved too."

"Environmental activists eventually managed to regulate pollock fishing as well. From 1990 it was organized into an A-season in the winter and a B-season in the fall, both with so-called Olympic fishing. Røkke's huge stroke of luck was that quota fishing was adopted just as he had the world's newest – and admittedly most expensive – but also the most efficient fishing vessels. If anyone benefited from quota fishing, it was Kjell Inge Røkke."

"Normally, one would borrow 70 percent of the ship from the bank, while the rest would be equity, just as it usually is for a regular homebuyer. But when adding the interest support on top, with its 20 percent, one suddenly approached the entire purchase price – and that virtually without a nickel in equity. It was this little trick that could make Røkke a major shipowner with just a few million kroner in equity."

"Line by line she read down the page. The overview showed that Kjell Inge Røkke had done well in the USA. He had hit the jackpot in the real estate market together with Ken Uptain and owned apartments, office buildings, and restaurant properties worth over 30 million kroner. But the real coup was the fleet at Golden Alaska Seafoods. The overview Røkke received from his accountants showed that the fishing boats were worth at least 150 million kroner."

"If one studied the shareholder list carefully, one would find anonymous companies such as Averell AS and Alaska Net Company, the first owned by Helge Møgster, the last by Kjell Inge Røkke – the Røkke sphere had definitely intervened in the newly started commercial bank. They had discovered an old truth: Owning a bank is like being able to print money. If you inject share capital, the bank automatically gets to borrow many times that amount from Norges Bank. This was also the case with Industri & Skipsbanken. In just one year, the 150 million that had been injected by the owners was turned into 1.6 billion in loans."

"But one man's death is another man's bread. For Røkke, it meant one less competitor in the fields. He obviously felt sympathy for his old partner, but now he was occupied with entirely different things: American authorities were beginning to get worried that the pollock stock was declining. Additionally, employees in the shipyard industry were raging against the import of ships from Norway, and President Ronald Reagan cut through and enacted "The Anti-reflagging Act," which prohibited the rebuilding of old, American wrecks. But as is known, Røkke just managed to slip through the gate before the door slammed shut behind him and simultaneously locked out any potential competitors."