Seven billionaire Kerry Stokes declared that “Magellan is a fine company” and “I have the highest respect for [Hamish Douglass′ emergency replacement Chris Mackay].” Yet by his own admission, he doesn’t own a single Magellan share and he hasn’t got a dollar in Magellan’s funds.These are classic Utopia tactics from the Magellan war room: when all else fails, call in a celebrity endorsement.It is also a tight circle of mutual interests. Mackay sits on the board of Stokes’ Seven Group. Matthew Grounds, founder of Magellan’s fledgling investment bank Barrenjoey, is Seven Group’s house adviser.
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