In Business This Week
HUMILITY: $300 MILLION WORTH
Finally laying his last and worst deal to rest, financier Bill Farley ceded ownership control of textile maker West Point-Pepperell to creditors. The deal gives banks 10% and bondholders 85% of WP Holding, which will in turn own 95% of West Point. The stake for Farley and West Point's managers: 5%.
Farley calls the outcome "a great lesson in humility. How would you like to go lose $300 million? Don't you think that would be humbling?"EDITED BY HARRIS COLLINGWOOD