Steve Forbes, heir to one of the world’s most famous publishing families and twice an unsuccessful US presidential candidate, is not known for his passion. But in a heated private meeting in Hong Kong last October, he was incensed.
A month earlier the Forbes
family had sold its media business to Integrated Whale Media Investments, a group of Asian investors, in a deal valuing the company at $475m. By the time of the October meeting, however, the buyers had failed to make an interest payment of roughly $40,000.
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