Holmes takes the strongest story in Cable Cowboy, by Mark Robichaux: chapter three's bank showdown. By the end of 1974 TCI's debt was climbing toward $150 million, interest had doubled to $12 million a year on $34 million of revenue, and the stock had fallen from about $7 to under $1. In 1976 the seven banks financing TCI moved to raise its rates; John Malone threw the company keys on the table and told them to run it themselves. The next morning they held off, and in 1977 insurers lent TCI $77.5 million at fixed rates. Lestrade: what use is that? Holmes: know what the lender fears.
The strongest story in Cable Cowboy is chapter three's bank showdown: by the end of 1974 TCI's debt was climbing toward $150 million, interest had doubled to $12 million a year on $34 million of revenue and the stock had fallen from about $7 to under $1; in 1976 the seven banks financing TCI moved to raise its rates, John Malone threw the company keys on the table and told them to run it themselves, the next morning they held off, and in 1977 seven insurers lent TCI $77.5 million at fixed rates.
On the book: Cable Cowboy by Mark Robichaux
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Cable Cowboy: John Malone and the Rise of the Modern Cable Business
Wiley · Jan 1, 2002
