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Peter Holmes à Court

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Peter Holmes à Court
Born1968
OccupationBusinessman

Peter Holmes à Court (born 1968) is an Australian businessman and a joint owner of the National Rugby League team South Sydney Rabbitohs together with Russell Crowe.[1]

He is the son of the late millionaire businessman Robert Holmes à Court and Janet Holmes à Court.

Education

After completing his schooling at Geelong Grammar School in Corio, he read law at Oxford University and received his BA in economics and theatre from Middlebury College, Vermont. At Oxford he was a member of the notorious Bullingdon Club.[2]

Overseas ventures

In 1993 Holmes à Court formed Back Row Productions, operating in New York, London and Sydney. Back Row produced over 20 live shows in 30 countries and 300 cities world wide.

In 1994 Holmes à Court put together an off-Broadway rock musical, Fallen Angel. The show lasted only 3 weeks and lost most of Holmes à Court's available capital as well as the capital put in by investors.[3]

By 1996 Peter Holmes à Court became embroiled in a dispute over a contracted tour of Lift-Off Live, a spin-off of an Australian Broadcasting Corporation educational television show, Lift Off, which was booked and scheduled. Holmes à Court wanted to close the show down, despite contractual obligations. To make things more complicated his mother Janet's company, Heytesbury, was an investor in Lift Off and was entitled to income from ancillary rights. Janet's biographer, Patricia Edgar, details the incident in another book, Bloodbath: a memoir of Australian television, stating that Back Row Productions was also in financial trouble. Edgar describes how Janet initially reacted to the situation by attempting to force Peter to meet his obligations, but later wanted to assume the Back Row Productions' debt and pay out of her own pocket to save her son from ignominy.[4]

Return to Australia

In 2000 Holmes à Court settled out of court with his family to gain his inheritance from the family company, Heytesbury. The family was forced to sell off much of its asset base to make the payout. Holmes à Court's father, Robert Holmes à Court, died intestate leaving his wife Janet one third of the family fortune with the four children getting the other two thirds. The amount Peter Holmes à Court received was reported as A$35 million.[5]

At the same time he took up the position as Chief Executive Officer of the Australian Agricultural Company (AACo) and was responsible for re-listing AACo on the Australian Stock Exchange. Strangely the AACo's main business is cattle, the same as the Holmes à Court family company, Heytesbury. With his younger brother Paul Holmes à Court in charge of Heytesbury, Peter had effectively set himself up in direct competition with his family's primary business.[6]

In 2004 Holmes à Court was deposed from the post of CEO of the AACo. Some senior management and board members of AACo held Holmes à Court responsible for some of AACo's poor decisions and the failure to buy AMP's Stanbroke Pastoral Co.[7] Holmes à Court claimed he had resigned for personal reasons.[8]

Rabbitohs and beyond

In March 2006 Holmes à Court and Russell Crowe gained 75% ownership of the South Sydney Rabbitohs through a vote of the Membership of the club. Holmes à Court became Executive Chairman of the club and in early 2008 became CEO after Shane Richardson resigned to take up a position in a Holmes à Court company, The Passionate Group.

May 2008 saw the sudden resignation of Holmes à Court as Executive Chairman and CEO of the South Sydney Rabbitohs.[9][10] Reports suggested that Holmes à Court had been forced to stand down after his relationship with Russell Crowe had deteriorated beyond repair.[11][12][13][14][15]

Firepower Fiasco

Much of the critical inquiry into Souths former major sponsor Firepower International was instigated and pursued by the Sydney Morning Herald's senior investigative journalist Gerard Ryle. In May 2009, Allen & Unwin published Ryle's book Firepower: The most spectacular fraud in Australian history.[16] The book revealed many details about the close relationship between Peter Holmes à Court and Firepower and how Holmes à Court actively worked on Firepower's behalf.[17]

On 9 November 2006 Peter Holmes à Court, as co-owner of the Rabbitohs, issued a Press Release: "Two of the biggest issues in the world today are harmful fuel emissions and rising fuel prices. Firepower has developed the technology to tackle all of these issues head on. As we speak, Firepower's fuel technology is helping leading industries around the globe to enhance automotive performance, improve fuel technology, lower maintenance costs and increase equipment life - culminating in a reduction in environmental impact. Russell and I have been particularly keen to take the club forward in a socially responsible fashion and Firepower certainly fulfils that criteria. Firepower is an Australian success story, operating in 50 countries globally and currently expanding rapidly to new markets. Firepower is an emerging brand that is already a global leader in its category. Like Souths, Firepower is prepared to roll its sleeves up and invest in the future - we welcome their support."[18]

In his book Firepower, Gerard Ryle describes a secret deal between Russell Crowe, Holmes à Court, and Firepower: "Under the three-year agreement drawn up for the Rabbitohs, the club was to receive 50 per cent of all gross profits made from any business brought to Firepower. This secret sales commission was on top of the company's widely publicised $1 million a year sponsorship deal."[19] Ryle also revealed the motive for the sponsorship: "The rationale, Tim Johnston told colleagues, was that Holmes à Court had promised to introduce him to officials at Queensland Rail - he was a board member - and to a number of Queensland mining companies that might be willing to use his products. It is difficult to verify the claims because Holmes à Court no longer likes to talk about his association with Firepower."[20]

On 20 January 2007 Peter Holmes à Court declared to the Sydney Morning Herald that he performed "due diligence" on Firepower: "I am not a trucking or a train company. But I have spoken to people who are, and they like the product."[21] Ryle's book questions Holmes à Court's 'due diligence' claims: "But, like the pills themselves, the planned contract with the Rabbitohs was legally flawed. It was drawn up using a company name - Firepower Pty Ltd - that bore no relationship to Firepower. The name was borrowed from a small family business in Queensland that install security screens - and married with a false Australian Company Number. Quite amazingly, nobody checked these details."[22]

The Firepower book also examined the finer details of the Rabbitohs contract: "The initial plan had been to brand and market the Firepower pills using images of the Rabbitoh players..."[23]

The book reveals that Christopher Green (currently employed at Holmes à Court's private company The Passionate Group) sent an email to Firepower boss Tim Johnston: "Peter (Holmes à Court) has already begun his sales role, he's in Fiji on holidays and sent me a note saying he'd had dinner with a ship owner who buys two million gallons of diesel a year, and he wants a trial ASAP. Peter says he knows many of the largest ship owners in the world and he'll be tapping them all for Firepower."[24]

Ryle's book examines the social contact between Firepower's Tim Johnston and Holmes à Court's partner Russell Crowe: "Johnston headed off to Los Angeles, having been invited by South Sydney Rabbitohs director Peter Holmes à Court to dine with fellow director Russell Crowe, at the annual G'Day LA trade function organised by Austrade. Holmes à Court wooed Johnston in an email on 9 January, saying: "It's a great way to meet Russell...the room is 1200 people, top tables US$10,000 honouring Russell and in memory of Steve Irwin, on our table are Russell, Cathy Shulman, Brett Godfrey and his wife, CEO of Virgin Blue." The night, Holmes a Court said, would be "definitely fun, possibly fantastic, but nothing can be guaranteed."[25]

Even by November 2007 Peter Holmes a Court, was still publicly defending Firepower claiming "Firepower have been good to work with" and that "they have met all of their obligations".[26] However, Gerard Ryle questions the veracity of Holmes à Court's claim that Firepower had "met all of its obligations": "But the Federal Court documents show that Shane Richardson, Johnston's old rugby league teammate from his schooldays in Brisbane and the then chief executive of the Rabbitohs, was one of the creditors on the phone to Firepower." (Richardson was also employed as an executive with Holmes à Court's private company The Passionate Group.)[27]

Lawyers acting for investors are taking court action to recover losses approaching $100 million from some of those involved in Firepower.[28] The litigation firm representing investors have advised that "it will be targeting lawyers, advisers and share sellers who recommended Firepower shares." [29]

Crisis of credibility

In April 2009 Holmes à Court suffered a crisis of credibility, following his testimony in the NSW Supreme Court defending a defamation lawsuit brought against him by Tony Papaconstuntinos. First he admitted that Russell Crowe had hired the notorious Palladino and Sutherland private investigator firm to target people in opposition to the planned takeover of the Rabbitohs.[30] Then he admitted that he had faked death threats and used the lie in the media during the campaign to gain control of the Rabbitohs.[31]

This revelation in the NSW Supreme Court contradicted what had been published in 2006 in an article titled "Holmes à Court ignored warning to stay away from Rabbits" by Alex Mitchell in The Sun-Herald newspaper on 19 March, 2006, where it was stated: "Of the death threats he had reportedly received, Holmes à Court said: "The police have a suspect and, fingers crossed, we might have an arrest before Sunday's vote.".[32]

Holmes à Court's woes continued in August 2009, when it was revealed that he had ignored NSW Supreme Court orders for payment of costs to several people who had been subpoenaed by Holmes à Court in the defamation case. The Sydney Morning Herald revealed, on 22 August 2009, that writs for levy of property had been taken out by two long-time members of the South Sydney Rabbitohs. Effectively this action designated Holmes à Court a "judgement debtor" and enabled the NSW Sheriff's office to seize property on behalf of the two Rabbitohs Members.[33]

In a further setback on 4 September 2009, Holmes à Court was found, by Justice Lucy McCallum in the NSW Supreme Court, to have defamed Tony Papaconstuntinos. Justice McCallum orderd Holmes à Court to pay AUS$25,000 and all costs. In a bizarre display of bravado Holmes à Court claimed a "moral victory".[34]

Current activities

Holmes à Court is the Chairman of White Bull Holdings, a private investment company, a director of Queensland Rail and a member of the Lord Mayor's City of Sydney Business Forum. He was re-appointed as a director of Queensland Rail in September 2009..[35]

Holmes à Court lives in Sydney with his wife Divonne Holmes à Court (the founder of Smart Population Foundation) and their two sets of twins, George and Robert, and Elsa and Madison.

References

  1. ^ "Russell Crowe dumps cheerleaders". BBC News. 2007-02-10. Retrieved 2007-02-10.
  2. ^ "Drunken hellraising for the super-rich - how George Osborne met Nathaniel Rothschild". The Times. 21 October 2008. Retrieved 18 April 2010.
  3. ^ Edgar, Patricia (1999). Janet Holmes à Court. Australia. Harper Collins. ISBN 0-7322-5715-8. p.349 The official biography
  4. ^ Edgar, Patricia (2006). Bloodbath: a memoir of Australian television. Australia. Melbourne University Publishing. ISBN 978-0-522-85281-3 . pp.368-370
  5. ^ AAP Ben Ready (2009-08-26). "New York to Outback - Peter Holmes a Court comes of age". {{cite news}}: |access-date= requires |url= (help)
  6. ^ "ABC Inside Business -Peter Holmes a Court reflects on business and family". Australian Broadcasting Corporation. 2003-04-06. Retrieved 2009-09-18. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  7. ^ Anthony Hoy (2004 ISSN 1440-7485). "Gunfight at the AACo corral". "The Bulletin with Newsweek". {{cite news}}: Check date values in: |date= (help)
  8. ^ James Chessell (2004-01-17). "Burnt by the steak". "Sydney Morning Herald (smh.com.au)". Retrieved 2008-09-07. {{cite news}}: Cite has empty unknown parameter: |1= (help)
  9. ^ AAP (2008-10-31). "Richardson quits as Souths CEO". The Sydney Morning Herald (smh.com.au). Retrieved 2008-09-09. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  10. ^ South Sydney Rabbitohs (2008-02-02). "Rabbitohs Elevate Internal Staff in Management Restructure". South Sydney Rabbitohs (rabbitohs.com.au). Retrieved 2008-09-09. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  11. ^ Phil Rothfield and Rebecca Wilson (2008-05-18). "Holmes a Court to quit Souths". The Daily Telegraph (news.com.au). Retrieved 2008-09-07. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  12. ^ Josh Massoud (2008-05-27). "How Souths drowned in latte and largesse". The Daily Telegraph (news.com.au). Retrieved 2008-09-07. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  13. ^ Patrick Smith (2008-05-28). "A Court in the crossfire: the syndrome threatening to derail Souths". The Australian. Retrieved 2008-09-07. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  14. ^ Josh Massoud (2008-05-27). "Russell Crowe dumps Holmes a Court as Rabbitohs chairman". Courier Mail (news.com.au). Retrieved 2008-09-07. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  15. ^ Ray Chesterton (2008-05-27). "Crowe's company ruined Souths". The Daily Telegraph (news.com.au). Retrieved 2008-09-07. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  16. ^ Ryle, Gerald. Firepower: The most spectacular fraud in Australian history. (2009). Allen & Unwin. ISBN 978-1741753554
  17. ^ What does it take to create one of the country's most spectacular frauds? (Audio) Interview with Gerard Ryle, Australian ABC Radio National, 30 April 2009
  18. ^ Rabbitohs update on Club issues moving forward Souths Official Press Release Thursday 9 Nov 2006
  19. ^ Ryle, Gerald. Firepower. P. 233
  20. ^ Ryle, Gerald. Firepower. P. 157
  21. ^ Magnay, Jacquelin Into the dragon's lairSydney Morning Herald, 20 January 2007
  22. ^ Ryle, Gerald. Firepower. P. 233
  23. ^ Ryle, Gerald. Firepower. P. 233
  24. ^ Ryle, Gerald. Firepower. P. 233
  25. ^ Ryle, Gerald. Firepower. P. 207
  26. ^ Sheehan, Paul. "Truth almost as sordid as the lies." Sydney Morning Herald. 24 May 2009.
  27. ^ Ryle, Gerald. Firepower. P. 221
  28. ^ No money for Firepower investors The Canberra Times, 1 August 2008
  29. ^ Firepower advisors targeted by litigation funder ABC News, 3 June 2009
  30. ^ Susannah Moran (2009-04-03). "Russell Crowe hired Bill Clinton's PI to stalk takeover foes". The Australian (news.com.au). Retrieved 2009-08-26. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  31. ^ Susannah Moran (2009-04-04). "Peter Holmes a Court faked death threats". The Australian (news.com.au). Retrieved 2009-08-26. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  32. ^ Alex Mitchell (2006-03-19). "Holmes a Court ignored warning to stay away from Rabbits". The Sydney Morning Herald(smh.com.au). Retrieved 2009-08-26. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  33. ^ Roy Masters (2009-08-22). "Sheriff could seize Holmes a Court's assets". The Sydney Morning Herald(smh.com.au). Retrieved 2009-08-26. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  34. ^ Kim Arlington & Bellinda Kontominas (2009-09-05). "Holmes à Court claims win". The Brisbane Times(brisbanetimes.com.au). Retrieved 2009-09-05. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  35. ^ "Appointments strengthen GOC sector". Media Newswire. 2009-09-28. Retrieved 2009-10-02.