ABC Rewind 03 | Flying too close to the sun
Oct 3, 2025
In April 1989, Christopher Skase made a shocking $1.2 billion bid for MGM—without the funds to back it up. The podcast dives into the lavish yet doomed empire of Quintex, revealing the chaotic fallout of debt and corporate malpractice. Tensions escalated when Rupert Murdoch outbid Skase, triggering a market panic. As investigations began, Skase attempted to evade scrutiny and engaged in questionable financial maneuvers. The story unfolds with his dramatic escape plans and the media frenzy that ensued, showcasing a lavish lifestyle spiraling into criminal controversy.
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Bold Hollywood Bid Without Funds
- Christopher Skase flew home confident after bidding $1.2 billion for MGM United Artists despite lacking the funds.
- His private-jet bravado set the stage for Quintex's debt-fuelled overreach.
Empire Built On Debt
- Quintex's rapid expansion was structurally built on heavy debt and risky acquisitions.
- The MGM bid exposed how leverage amplified market loss of confidence and collapse risk.
Whistleblower Board Member
- Ted Harris confronted Skase over $42 million in payments labelled as management fees to associated companies.
- Harris refused to sign off and later reported Quintex to the corporate regulator.