Maxwell: The Final Verdict. Tom Bower

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СКАЧАТЬ extravaganza showed the symptoms of the Last Hurrah. For the next week, Maxwell remained in New York to manage the News. To recover the circulation and demonstrate his skills as the master of promotion, he rented a clipper moored in the Hudson River and invited past advertisers to a grand party serenaded by a band named New York Pops. In response to his own advertisement, ‘We’re Back – Buy Us’, the circulation soared from 300,000 to 700,000, a hopeful sign but still too low a figure to produce profits.

      The only interruption to the euphoria was a report from Kevin. Oblivious of the celebrations on 42nd Street, several banks were pressing for more collateral or repayment of debts. Kevin had summoned Basil Brookes, the young finance director of MCC: ‘The private side needs a £75 million loan.’ Brookes, although it was obvious to him that the banks were squeezing, agreed to the temporary transfer. There seemed no reason to refuse. Neil Taberner, the Coopers partner, had raised no problems over the 1991 audit, and the finances appeared sound. By way of further reassurance, Kevin added, ‘We’ve agreed the terms to sell Pergamon.’ The £446 million paid by Elsevier, the Dutch publisher and competitor, was a good price, and the rationale for the sale was convincing. Scientists in the future would not read magazines, but would obtain their data through computers. Pergamon and its books, explained Kevin, represented an adventure past its prime, overtaken by electronic publishing, and MCC was retaining those rights. Brookes agreed, but after reflecting that MCC would lose the prodigious cash flow generated by Pergamon he insisted, ‘We will have to issue a press release warning that MCC’s profits will be down.’ Kevin paused. Profit forecasts were among the icons which his father held sacrosanct. Anything other than ecstatic predictions were inconceivable. But according to stock exchange rules Brookes was right. Kevin telephoned New York. ‘No. Absolutely not,’ shouted Maxwell. The last contact with reality had clearly been lost in the midst of New York’s adulation. But there was no alternative, Kevin decided. Only one method of persuasion could succeed: a personal conversation.

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