The end - 2001 One.Tel

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in january 2001, jodee met kerry packer told him, ran out of money imagineering, , re going again . macquarie bank report states company worth $3.5 billion, , share price doubled within days. merrill lynch predicted company run out of money april.


in february, director rodney adler sold 5 million shares $2.5 million.


during april , may company s problems became increasingly apparent. in final attempt give company chance survive, news limited , pbl agreed subscribe rights issue @ 5 cents per share supply $132 million in needed cash. news limited , pbl reneged upon agreement later in may when further evidence of one.tel s financial problems emerged.


the directors appointed ferrier hodgson administrator on 29 may 2001. administrator s report states company insolvent march 2001. administrator began laying off 1,400 employees of one.tel 8 june 2001.








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