An emotional James Packer broke down in tears as he spoke of the simple act of kindness that meant so much to him when he was at his lowest point 23 years ago.
He and Lachlan Murdoch, sons of billionaires Kerry Packer and Rupert Murdoch, got their parents’ companies to invest nearly $1 billion in Australian telecommunications company One.Tel in 1999.
But it was a disastrous investment, posting a loss of $132 million in the six months to December 2000.
“I told Lachlan we weren’t going to run out of money, and we ran out of money. I screwed up. I screwed up,” Packer said. The ABC Australian Story.
Within five months, One.Tel had gone bankrupt.
“I had a nervous breakdown. Lachlan was incredibly kind to me,” Packer recalled.
Both men were born on September 8, although Murdoch is four years younger.
On that date in 2001, it was Murdoch’s 30th birthday and he was celebrating.
An emotional James Packer (pictured) broke down as he described Lachlan Murdoch’s kind gesture which meant so much to him when he was at his lowest ebb 23 years ago.
James Packer, his then wife Erica and Lachlan Murdoch’s wife Sarah Murdoch arrive at the Birdcage on Derby Day at Flemington Racecourse in Melbourne.
Packer wiped away tears as he recalled a birthday he would never forget.
“Out of the blue, I got an invitation. If I was Lachlan, I think I’d probably never speak to him again. Lachlan was giving a speech and in the middle of it, he said I was there and it was my birthday and he wanted to wish me a happy birthday,” he said.
‘And it was one of the most moving things that ever happened to me in my life.
“It’s easy to be loyal when things are going well,” he said. “It’s when things are going badly that you really see who’s genuine and who’s not.”
Packer told ABC journalist Paddy Manning that he would always be grateful for Murdoch’s support.
“One.Tel was 99 percent my fault,” he said.
“Lachlan was incredibly loyal to me. He saw that I was hurting.
“I think he thought I didn’t do it on purpose… and that’s something I’ll never forget.”
The couple see each other half a dozen times a year and their friendship has lasted more than three decades.
“(Lachlan) is one of my favorite people in the world,” Packer said.
“I adore him. He’s been an incredibly good friend to me through good times and bad.”
James Packer (left) and Lachlan Murdoch (right) have been friends for more than three decades.
Mr Packer (pictured, centre, left) said the simple act of friendship from Lachlan Murdoch (pictured, front, left) is something he has never forgotten.
Although Packer blames himself for what happened to One.Tel, he later sold his 10 per cent stake in REA Group, owner of realestate.com.au, for $10 million.
“I wanted to be helpful because One.Tel had been doing very poorly,” Packer said.
“But I want to be very, very clear about one thing: I never thought that the 10 percent stake he bought from me for $10 million would be worth $2.5 billion (today),” he said, laughing.
“And I feel less guilty towards One.Tel for what happened with REA.”
Packer also offered advice to anyone who thinks they can outwit his old friend.
“I think some people have underestimated Lachlan,” he said.
I think underestimating Lachlan is a mistake.
