Billion-dollar property collapse highlights private credit danger
Examinations of the downfall of Jon Adgemis's property empire may well shed light on the extent to which private credit firms, essentially a shadow banking industry with little or no regulation, have their hooks into the economy.
Source excerpt
With forces closing in from all sides, he declared himself bankrupt to avoid the ignominy of being compelled by his long list of creditors into a life of penury.
His hospitality dream in ruins, the former Maserati-loving playboy somehow managed to rack up $1.8 billion in debt — much of it from private credit firms — over a hotel portfolio that cost less than $300 million to assemble.
Liquidators will attempt to unravel the mystery behind Adgemis's incredible rise and spectacular fall later this week when they begin examinations in the Federal Court.
A conga line of former business associates and love interests have been requested to produce records of their dealings with the one-time KPMG high-flyer.
Bold News stores the normalized extraction for evidence and analysis. This public wrapper shows a limited excerpt; use the original link for the publisher's complete presentation.