Thirteen years after the collapse of the One.Tel telecoms company, major investors Lachlan Murdoch and James Packer have reportedly agreed to pay an estimated $40-50 million to settle with creditors of the company.
The proposed deal yesterday went before NSW Supreme Court judge Paul Brereton, following a compulsory mediation process between Murdoch, Packer and special purpose liquidator Steve Parbery – who had originally sought $244 million.
One.Tel was founded in 1995 by James Packer’s former schoolmate Jodee Rich, who persuaded the two businessmen to pump $900 million into the business.
But it collapsed in May 2001, owing a claimed $350 million and the two losing their investment, much to the displeasure of their respective parents, Rupert Murdoch and Kerry Packer.
