The truth behind Yowie and the barbarian at the gate

The way Nicholas Bolton kept his brown hair messy and long around his ears was more junkie rocker than corporate raider, more Carl Barat than Carl Icahn. Although, Bolton was clad formally in a light grey suit with a black tie over a white shirt, he maintained a casual air because his tie was loose and the small, asymmetrical knot did not cover his top button (which is not done up).

Bolton’s smile is both smug and menacing.

While Bolton may not fit the money manager archetype, at just 26 years old, he demonstrated through his investment in BrisConnections that he was both clever and wily enough to generate a return. BrisConnections was a public-private partnership created to deliver a tunnel linking the Brisbane CBD to the airport. The project was an ASX-listed unit trust with an IPO price of $1 and an obligation to contribute two further instalments of $1 each. After challenges with the project, the value of the units fell to 0.1 cents — the lowest possible price on the ASX. Retail investors dumped units to avoid having to contribute further instalments.

On the other side of the trade was Bolton. He amassed 77 million of the partly-paid listed units for a total sum of $77,000 and launched a raid on BrisConnections, backing himself against the consortium behind the project including giants Macquarie Bank and Thiess John Holland. Bolton then attempted to wind up the company through a shareholder vote.