Michael Fay

"The faces of New Zealanders such as Alan Gibbs, Trevor Farmer, David Richwhite, Michael Fay, Bruce Judge, Bob Jones, Gary Lane and Allan Hawkins were, for a time, as familiar as our biggest sports stars."

"business world’s high-flyers, including Ron Brierley, Frank Renouf, Allan Hawkins, Alan Gibbs, Bob Jones, Michael Fay, David Richwhite, Colin Reynolds and Bruce Judge."

"In 1990, the government had sold Telecom to two US telecom giants, Ameritech of Chicago and Bell Atlantic of Philadelphia, and to the New Zealand firms Freightways (owned by Gibbs and Farmer) and Fay, Richwhite (the investment bank owned by businessmen Michael Fay and David Richwhite) for $4.25 billion. Freightways and Fay, Richwhite had brokered the deal and Gibbs, who was on Telecom’s board, chaired the board committee that ran the company. Through this, Gibbs had come to know the Americans well and was used to dealing with them. He offered to talk to them about whether they might be interested in Sky. It turned out that they might."

"*Alan Gibbs first really entered my consciousness one day during the Muldoon era, probably early 1984, when Michael Fay returned to the office after a lunch with the deputy prime minister, Jim McLay, and a few businessmen. He was fizzing. Apparently Gibbs had let rip at McLay* *about Muldoon, it was an amazing situation; he just went for it. Michael was impressed, shocked, and in awe of his courage. Then a few years later I saw it myself at an informal meeting of business heavy-hitters a couple of days after the 1987 share market crash. Chase, Equiticorp and those sorts of businesses were all going downstairs and someone, maybe Alan Hawkins, called a meeting. They wanted us to stump up $20 million each to support the market, like JP Morgan had once done in the US. I sat there listening. Then suddenly Gibbs just launched into it. ‘The notion that you can throw a few million together to support a market is just nonsense; you guys have been cowboys for your investors and you’re getting what you deserve.’ When he goes for it, he combines the precision of a scalpel with the power of a chainsaw. The delivery is brutal, but what he said was right on point. So I knew Alan Gibbs was razor sharp and terribly impressive.*[10](private://read/01jrsfvkjy84rkprtbz9amfvj8/#rw-num-note-477273-050103421-10)"

"Alongside Gibbs and Richwhite, two Fay, Richwhite men, Rob Cameron, a former senior Treasury official, and Steve Walker (‘Wakka’), a young thruster, rounded off the core of the team. For a while they called themselves the ‘Steam Team’, after a local brew in San Francisco (Anchor Steam) which they’d drunk in large quantities on American visits. In May 1989, a few months into their quest for Telecom, Gibbs was stunned to learn that Michael Fay had successfully obtained a 30 per cent stake in the Bank of New Zealand for Capital Markets, a public company Fay, Richwhite controlled. Richwhite remembers Gibbs yelling, ‘Why the hell did you want to buy a bloody bank?’ ‘He rang up a few hours later to apologise and said it was an amazing deal, well done; but Gibbsie’s first reaction was right.’ It emerged that the BNZ was laden with bad debts, mostly in Australia, making the investment a sour one."