The old Packer fire

On the surface, it doesn’t look like a great morning for James Packer.

It’s bad enough that two of the countries biggest newspapers are running extracts from a new book claiming the global financial crisis has turned Packer into a depressed recluse. But the pictures of Packer having an angry and very public confrontation with Seven Network boss David Leckie don’t exactly show James in a great light.

Or do they?

While publically confronting a business enemy isn’t exactly standard operating procedure for today’s breed of business leaders, it is exactly the sort of behaviour that the Packer family has been celebrated for over the decades.

Indeed, looking at the picture of James and Leckie in the Daily Telegraph, it’s not hard to see a bit of Kerry in that angry stance.

Kerry was never one to let an attack on his reputation go unchallenged and it appears James – who believes his business interests have been unfairly attacked by the Seven Network – is prepared to defend his reputation with similar vigour.

Yes, Packer has lost a lot of money in the last few years, with his fortune slipping from $7 billion to $3 billion on BRW’s Rich 200, published in late May. Yes, he has made some poor business decisions, including an ill-fated move in the US gaming market that Crown was eventually able to get out of. And yes, Packer has stepped out of the public limelight in the last 12 months.

But there are some signs that old Packer magic – and certainly that old Packer fire – is back.

Since the start of June, the value of Packer’s stake in Crown has increase by over $440 million to $2.3 billion. The value of his stake in Consolidated Media has increased by just under $200 million to $857 million, thanks in no small part to takeover tension created by Seven Network’s Kerry Stokes.

On top of this, Packer’s stake in Challenger Financial Services jumped $175 million to $440 million. All up, Packer’s listed investments have jumped in value from $2.9 billion to $3.7 billion in just over four months.

That’s 800 million reasons to think James Packer isn’t washed up yet.