Tyler's 6th solution - roll a joint, maaaaan
- 03 May, 2000 12:49
With the share price of Solution 6 taking a big hit over recent weeks, the channel-savvy local starlet in the so-called "new economy", has come under a fair degree of scrutiny of late, as has its high profile chief executive Chris Tyler. This included his involvement in the past with a certain herb known to be very popular in Jamaica.
Amongst all the muckraking, it was revealed last week by financial magazine BRW that US-born Tyler has in fact reportedly been convicted in the past for possession of between 50 and 200 pounds (22.7 to 90.8kg) of marijuana in Texas during the 1980s.
That's a big pile of mull and one that not even Bob Marley could claim as being for personal use - a snowboarding team, perhaps, but not one individual.
But that is not where the bad press stopped, with Telstra eventually being forced to declare that it was investing "in the company, not the man", according to BRW.
It was further claimed that Canadian share market investors lost heavily when the company Lessonware, at which Tyler was CEO and president, went belly-up in a spectacular fashion. Floated in June 1992 and dead by November of the same year, Lessonware is still the fastest ever chapter 11 listing on the Vancouver Stock Exchange.
There is no denying that Tyler's rise at Solution 6 was a spectacular one with estimates of his personal wealth peaking at around $US350 million during 1999. However, that has taken quite a draw-back of late as the share price tumbled from a 52-week high of $18.35 to be trading for under $6 last week That is not good news for Telstra which did a deal with Solution 6, effectively committing itself to buying equity at $9.75 per share. The financial press are touting it as being a hit for the people's telco which could be as heavy as $120 million.
Understandably these days, whatever happens to Telstra is big news to the whole of Australia, and with a Telstra investment deal in Solution 6 not looking so good after the share price slump, we can expect to hear more about any other skeletons that may be lurking in Tyler's closet.