Memorably dubbed “Mack the Knight” by The Times of London, Thomas Mclarty, erstwhile White House chief of staff to President Clinton, yesterday galloped into the fray as a potential ‘white knight’ with a quest to save imperilled e-damsel, Excite@Home.
The imminent collapse of Excite – which in its glory days basked in a stock market valuation of $40 billion – was triggered earlier this week by a demand for immediate repayment of a $50 million loan owed to the aptly-named Promethean Asset Management [WAMN: 28-Aug-01]. If the ISP does go under, it would be the world’s largest dotcom failure to date.
But it was revealed yesterday that Mclarty is in talks with Excite about the acquisition of a substantial stake. Mclarty, himself no commercial Milquetoast, has powerful business allies, not least Henry Kissinger, his co-partner in consulting firm Kissinger McLarty Associates.
The news prompted Excite shares to leap 28% to fifty cents.
News source: The Times (London)