We found it hard to believe when we first heard this- that “The Pongster”- has been asked to leave Pacific Capital.
After all, Louis Pong was the Chairman and CEO of Pacific Capital Asia.
He talked LOUDLY, he sang his own praises and bought out Norman Cheng’s shares in Gold Typhoon and inherited that albatross.
Cheng said, “Cheers, mate!” and has been busy these days watching his horses run.
Undeterred by a music industry barely on its feet, The Pongster forged ahead with the purchase of a couple of modeling agencies including Elite Models.
Elite Models had been waiting for decades to flog their “brand” to China- but there were no takers.
After all, who in China would be stupid enough to buy a brand when one can simply copy it?
Who did Elite Models think they were?
iPad? Apple?
But then came The Pongster and he bought it- name, logo and all.
His idea was to find some singers from this buffet and plethora of new young models.
A few weeks ago, there was some Elite Models Look Competition which we hear was a dire affair despite an appearance by Kylie.
Then came a bash after this show at M1NT Shanghai.
All was good and everyone was happy happy.
Then, the next day, magazines and newspapers in Hong Kong carried news that The Pongster had been “replaced”.
By whom?
By the twentysomething daughter of Silvio Scaglia, the rather interesting Italian businessman and Chairman of Pacific Capital.
Though meant to be under “house arrest” in Italy for fraud, we understand that Mr. and Mrs. Scaglia and their daughter were in Shanghai for the elite Elite party.
Apparently leaving with The Pongster early next year will be Nancy Hu, one of his more “unique” hires- and ridiculed by some media meanies.
Earlier, another of his more “unique” hires- ex-adman Royce Yuen- was brought in to be Chairman of Gold Typhoon.
Two months later, Royce Yuen was a “consultant.”
Perhaps one of the main straws that broke the camel’s back was The Pongster hiring his wife and had her sit there looking attractive.
We know it pissed off the rest of the staff.
We now also hear that young Ms Scaglia who has assumed the role of Deputy Chairman and will be running daddy’s company in China with the current CFO of Pacific Capital.
One of her first tasks will be to look closely at all those who sail in the Titanic that is Gold Typhoon and where and how the entertainment company can make any money.
In the words of Jackson Browne, Gold Typhoon has been “running on empty” along with hype and one-sided artists contracts for way too long.
The young Ms Scaglia who was sent to Beijing because- oh, please gawd no- “she speaks Mandarin”- could be busy looking at a few lawsuits for non-payment from artists and management.
Gold Typhoon China, especially, was a somewhat loosely run company and which took much and gave little back to artists.
Fasten your seat Ms Scaglia, There promises to be a bumpy ride ahead for you- and a few unpleasant surprises.
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