Larry Ellison's budget woes
Simon appears to be getting ulcers, in repeated warnings to the billionaire about runaway spending, and the debt load he has built up -- in part because he has declined to sell many of his shares in his company.
Simon tried to explain to Ellison the seriousness of his debt, saying, "We have a freight train going down a track, hitting a debt wall," he said in the deposition.
...According to documents unsealed by a judge in the shareholder lawsuit, Ellison habitually pushes his credit limit of more than a billion dollars to its maximum to finance his yachts and homes. And that's not even counting some $20 million a year he burns through in miscellaneous lifestyle expenses.
...Some of the accountant's scrawl...
1) Life Style -- annual $20m
2) Interest Accrual -- annual $75m
3) Villa in Japan -- $25m
4) New Yacht -- $194m -- over 3 yrs
5) America's Cup -- $80m -- over 3 yrs
6) UAD -- 12m over 3 yrs."
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