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Humility: $300 Million Worth


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HUMILITY: $300 MILLION WORTH

Finally laying his last and worst deal to rest, financier Bill Farley ceded ownership control of textile maker West Point-Pepperell to creditors. The deal gives banks 10% and bondholders 85% of WP Holding, which will in turn own 95% of West Point. The stake for Farley and West Point's managers: 5%.

Farley calls the outcome "a great lesson in humility. How would you like to go lose $300 million? Don't you think that would be humbling?"EDITED BY HARRIS COLLINGWOOD


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