Skase

"When Stokes relayed that story to Bourke, the Fairfax advisor admitted giving him sixty days to scrape up a deposit — and that they were accepting a promissory note for the rest. So, said Stokes, he hasn’t got the deposit and he’s still got to find someone to back him? It was more accusation than question. ‘Two days later,’ recalls Stokes, ‘I pick up the paper and see Skase is off to the US to buy MGM. Then he’s off to Japan to raise money, which he doesn’t get.’ Amazingly, in July 1987, the man with no money was allowed take control of Seven on the strength of a shoeshine and a smile. That was when Stokes realised the game was out of control."

"‘There’s a theme here,’ Owen adds. ‘The media deals [selling television and radio assets in 1987] came out of the failure to buy the Seven network ahead of Skase. By biding his time Kerry was able to get better assets at a better price. The Cat deal came out of a failure to get the franchise the first time around. It’s a question of biding your time.’"