this is huge news for ott...at last, page-9

Passlow's definitely lost his Midas touch

Wayne Passlow's second coming created some genuine optimism in the market, but that was a year ago. The man who was a billionaire for two hours in March 2000 had just recapitalised Open Telecommunications and was ready to rumble, but all has not gone to plan.

While this is bad news for Passlow, it's also not great news for Macquarie Bank. In May this year, the fee factory paid $1.69 million for an 11.3 per cent stake in the software house, at $1 a share. The stock was yesterday trading near to its year low, at 38 ?.

Macquarie joins a solid list of investors who have done their cash on Open Tel, or Passlow's other plaything, Comindico. The Murdoch family's Queensland Press blew nearly $30 million on Open Tel the first time around, plus $170,000 when it helped it out of administration.