Sometimes, it can be hard giving up life’s little luxuries.
This time last year, even as he was trying to stave off bankruptcy, failed hotel owner Jon Adgemis was still living the high life.
Holed up in luxurious digs in Bondi in Sydney’s east, Adgemis was forking out more than $60,000 a month in rent while he tooled around town in a Mercedes G63, the tank-like turbo off-roader that’s a steal at just $430,000.
Back then, with debts of more than $1.8 billion, the former KPMG high-flyer had declared himself insolvent.
But he had a plan, one final shot at avoiding total collapse. He was about to offer his creditors 0.15 cents in the dollar for them to call it quits and just go away.
That’s not 15c in the dollar. Or one and a half cents. We’re…