ROBERT MAXWELL:Publishing King that Watched His Empire Fall
was a publisher, businessman, parliamentarian and chairman of Oxford United. Once considered one of the richest men in the world, Robert Maxwell built up one of the largest publishing empires only to have it dissolve in bankruptcy following his death.
Robert Maxwell was born 10 June 1923 in Slatinske in the east of Czechoslovakia. His Jewish family, were poor and suffered greatly during the holocaust. Most of his family members were gassed in Auschwitz in 1944, but, Robert Maxwell had managed to escape to Britain in 1940 where he joined the army. He was involved in the allied invasion of Normandy in 1944 and fought his way across Europe to Berlin. By the end of the war he had been promoted to captain, and in 1945, he was awarded the Military Cross for bravery in action.
In 1945, he married Elisabeth Meynard and together they had five children, some of whom would later work for Maxwell’s company. After the war he managed to use his army contacts to establish his first business, a publisher of scientific works. This grew rapidly and through buying Pergamon Press he was able to build his own successful publishing company.
Robert Maxwell In 1964, he was elected Labour MP to the House of Commons. He stood as MP until 1970, when he was defeated by a conservative candidate. Maxwell gained a reputation as a colourful MP, a powerful speaker with strong opinions. He gained a reputation as someone who could get things done but also annoyed many with his abrupt and arrogant behaviour.
In the 1980s, he acquired British Printing and Communications Corporation (BPCC), which was later sold as a management buyout. In the 1980s, Maxwell also became interested in acquiring Mirror group newspapers which gave him more influence in the popular press. Maxwell also became well known for his chairmanship of Oxford United. He bought the club when they were in the lower leagues and near bankruptcy. His money helped lead the club to a rare national trophy, the League Cup in 1986. However, the success story later turned sour as money dried up and the club slid back down the league tables.
Maxwell was a controversial figure in both politics and business. He was known for his tough uncompromising attitude. He was often perceived as arrogant and demanding, but also as a person who could get much done. He was also fiercely defensive of his reputation and through his lawyers sued (and often successfully) publishers who lampooned him.
His business ambition never diminished and in the late eighties and nineties, he purchased MacMillan publishing for $2.6 billion and also launched an ambitious pan European newspaper, which soon folded.
His business became increasingly burdened with debt. Unknown to others during his lifetime, he started taking money from his companies pension funds to keep his business afloat. After his death, it soon became apparent he had left a huge hole in his company’s pension funds. Though the government injected some money, many pensioners were left with only a fraction of their pension entitlement.
Maxwell died in unexpected circumstance on 5 November 1991, at the age of 68.nAfter his death, the Maxwell companies filed for bankruptcy protection and his son, Kevin Maxwell was declared bankrupt with debts of £400m. His sons went on trial for conspiracy to defraud but were acquitted in 1996.
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