A British diver who was instrumental in rescuing a schoolboy football team from a flooded cave in Thailand has told Elon Musk to “stick his submarine where it hurts”, describing the entrepreneur’s offer to help the mission with a miniature submersible a “PR stunt”. Vern Unsworth said a six-foot submarine the SpaceX boss invented and handed to the rescue team “had absolutely no chance of working” because the billionaire inventor “had no conception of what the cave passage was like”. Mr Musk travelled to the Tham Luang caverns in Chiang Rai earlier this week and presented the “kid sized” vessel, which he said could help free 12 schoolboys stranded for weeks inside the network of waterlogged tunnels with their coach. The chief of the rescue mission described the device as “not practical” for the operation, which required squeezing the boys through tight, jagged passageways. All 13 were later rescued by divers without Mr Musk’s help, although Thai authorities said the submarine may be come in useful for future missions. The Tesla founder insisted his submarine would have been able to navigate the narrow tunnels, and said the former Thai provincial governor who rejected his technology was “not the subject matter expert”. But Mr Unsworth described Musk’s offer to help as “just a PR stunt”. “He can stick his submarine where it hurts,” he told CNN. “It had absolutely no chance of working. He had no conception of what the cave passage was like. “The submarine, I believe, was about five foot six long, rigid, so it wouldn’t have gone round corners or round any obstacles. Thailand cave rescue operation: in pictures Show all 100 1 /100 Thailand cave rescue operation: in pictures Thailand cave rescue operation: in pictures The 12 boys and their coach in the cave REUTERS Thailand cave rescue operation: in pictures A rescue team stands in the entrance to the cave AP Thailand cave rescue operation: in pictures A relative shows a picture of the boys after they were found on 2 July AFP/Getty Thailand cave rescue operation: in pictures Thai military inside the cave complex EPA Thailand cave rescue operation: in pictures The 12 boys and their soccer coach who were rescued from a flooded cave arrive for a news conference in the northern province of Chiang Rai, Thailand, REUTERS Thailand cave rescue operation: in pictures The boys and their soccer coach rescued from a flooded cave play soccer REUTERS Thailand cave rescue operation: in pictures The young footballers and their coach appeared healthy when they appeared before the media for the first time since the rescue AFP/Getty Images Thailand cave rescue operation: in pictures EPA Thailand cave rescue operation: in pictures Coach Ekapol Chantawong REUTERS Thailand cave rescue operation: in pictures The 12 rescued members of the Wild Boar soccer team are greeted by their classmates on a mini soccer pitch EPA Thailand cave rescue operation: in pictures Rescued Thai football coach Ekkapol Chantawong together with 12 children pays tribute to Thai navy diver, Samarn Kunan, who died whilst attempting to rescue the boys AFP/Getty Images Thailand cave rescue operation: in pictures Twelve young footballers and their coach rescued from a Thai caves being treated in hospital EPA Thailand cave rescue operation: in pictures Rescued soccer team members posing with a sketch of the Thai Navy SEAL diver who died while trying to rescue them AP Thailand cave rescue operation: in pictures Players writing messages on a drawing of former Navy SEAL diver Saman Kunan who died during attempts to rescue them AFP/Getty Images Thailand cave rescue operation: in pictures Rescued "Wild Boars" football team members (top row L to R) Adul Sam-on, 14, Ekkarat Wongsukchan, 14, Phipat Photi, 15, Chanin Wiboonrungrueang, 11, (middle row L to R) Pornchai Khamluang, 16, Duangphet Promthep, 13, Peerapat Sompiengjai, 16, Sompong Jaiwong, 13, (bottom row L to R) Mongkol Boonpiem, 13, Prachak Sutham, 14, Nutthawut Thakamsong, 14, and Phanumas Saengdee, 13, recovering at the hospital in Chiang Rai province AFP/Getty Images Thailand cave rescue operation: in pictures AFP/Getty Images Thailand cave rescue operation: in pictures The life vest belonging to Duangpetch Promthep, the rescued captain of the "Wild Boars", REUTERS Thailand cave rescue operation: in pictures Divers from the rescue mission, from left to right: Chris Jewell, Mike Clayton, Rick Stanton, Lance-corporal Connor Rae, Josh Bratchley, Gary Mitchell and Jim Way who helped to save 12 schoolboys and their football coach from a flooded cave in Thailand, speak to media after arriving back at London's Heathrow Airport PA Thailand cave rescue operation: in pictures Volunteers gather for a ceremony before the clean up operation at the Tham Luang cave AFP/Getty Images Thailand cave rescue operation: in pictures The last four Thai Navy SEALs come out safely after completing the rescue mission inside a cave where 12 boys and their soccer coach have been trapped since June 23, in Mae Sai, Chiang Rai province, northern Thailand. Thailand's navy SEALs say all 12 boys and their soccer coach have been rescued from a flooded cave in far northern Thailand, ending an ordeal that lasted more than two weeks. Royal Thai Navy/AP Thailand cave rescue operation: in pictures People celebrate AP Thailand cave rescue operation: in pictures A woman lifts her child near the hospital, seen at left, as ambulance transporting members of the children's football team arrives AFP/Getty Images Thailand cave rescue operation: in pictures Volunteers react after hearing all boys were rescued REUTERS Thailand cave rescue operation: in pictures REUTERS Thailand cave rescue operation: in pictures Getty Images Thailand cave rescue operation: in pictures Rescue personnel work at the Tham Luang cave REUTERS Thailand cave rescue operation: in pictures Rescue personnel work at the Tham Luang cave REUTERS Thailand cave rescue operation: in pictures REUTERS Thailand cave rescue operation: in pictures Onlookers at the junction in front of Chiangrai Prachanukroh Hospital watch and cheer Getty Images Thailand cave rescue operation: in pictures Journalists celebrate after a news conferenc REUTERS Thailand cave rescue operation: in pictures An ambulance, reportedly carrying members of the rescued football team, arrives at a hospital AFP/Getty Images Thailand cave rescue operation: in pictures Thai Navy divers in the Tham Luang cave Thai Navy SEAL via Getty Images Thailand cave rescue operation: in pictures Rescue personnel work at the Tham Luang cave REUTERS Thailand cave rescue operation: in pictures Thai media listen Chiang Rai province acting Gov. Narongsak Osatanakorn AP Thailand cave rescue operation: in pictures Police and military personnel use umbrellas to cover a stretcher near a helicopter and an ambulance at a military airport in Chiang Rai as rescue operations continue for those still trapped inside the cave in Khun Nam Nang Non Forest Park in the Mae Sai district. Four boys among the group of 13 trapped in a flooded Thai cave for more than a fortnight were rescued on July 8 after surviving a treacherous escape, raising hopes elite divers would also save the others soon AFP/Getty Thailand cave rescue operation: in pictures Thai military medical personnel walking inside a restricted area as preparations are made to transport rescued boys from Tham Luang cave to a hospital EPA Thailand cave rescue operation: in pictures Thai authorities placing a rescued boy in an ambulance EPA/Chiang Rai Thailand cave rescue operation: in pictures Paramedics, believed to be carrying a boy who has been evacuated after being trapped inside a flooded cave, approach a helicopter in Chiang Rai Chiang Rai Tourist Police via Reuters Thailand cave rescue operation: in pictures This frame grab from video tweeted by Elon Musk shows a "tiny kid-sized submarine" being tested in a pool at Palisades Charter High School, in California. Musk's Space X rocket company tested the submarine that could potentially help rescue the remaining children and their coach trapped in a flooded cave in Thailand.<doc-sep>A British diver who helped rescue 12 Thai boys from a flooded cave has criticised Elon Musk's plan to retrieve them using a mini-submarine, calling it a "PR stunt". "He can stick his submarine where it hurts," said Vern Unsworth, 63, a Briton who lives in Thailand. Rolling his eyes Mr Unsworth told CNN: "It just had absolutely no chance of working. They had no conception of what the cave passage was like. "The submarine, I believe was about 5ft 6 long, rigid, so it wouldn't have gone round corners or any obstacles. It wouldn't have made the first 50 metres into the cave from the dive start point. Just a PR stunt." Mr Musk had himself gone into the cave, but Mr Unsworh said: "...and was asked to leave very quickly, and so he should have been."<doc-sep>A British diver involved in the Thai cave operation has told billionaire Elon Musk to "stick his submarine where it hurts" after he offered it up to rescuers earlier this week. The Tesla founder announced during the rescue efforts that he had created a mini-submarine that would be capable of rescuing the trapped Wild Boars football team. The submarine was dropped off by the tech entrepreneur himself, but was never used. Rescuer Vern Unsworth claims that the submarine would never have worked, and would've preferred him to just keep it for himself. In an interview with CNN, Mr Unsworth says it was "nothing more than a PR stunt".<doc-sep>
Bloomberg (Bloomberg) -- Hedge funds often measure their investments in minutes, not decades; but for Anchorage Capital Group, its long-held stake in Metro-Goldwyn-Mayer Studios Inc. is proving that patience can also be profitable.The New York-based money manager stands to make roughly $2 billion on its investment in the film and TV producer, one that began almost 11 years ago with MGM in bankruptcy court. Amazon.com Inc. agreed to buy the company for $8.45 billion Wednesday, a price that includes just under $2 billion in debt.The deal is in many ways a vindication for Kevin Ulrich, the former Goldman Sachs Group Inc. trader who co-founded Anchorage in 2003 and was part of a group of distressed debt investors that took control of MGM as it went through the restructuring process. In recent years the stake looked to be an albatross for the fund, one that came with significant drama in its own right.Ulrich brought in and later fired a high-profile chief executive officer, resisted efforts by activist investor Carl Icahn to take control, and held out for a bigger payday after years of considering various exit strategies. By selling now, as demand for media content from entertainment and technology companies alike is booming, he’s proving his long-held faith in the investment was justified.“There was a lot of maneuvering, a lot of financial engineering,” said Steven Azarbad, chief investment officer at New York’s Maglan Capital, an MGM investor who sold his shares four years ago. “But they’ve done great.”A representative for Anchorage declined to comment.When Ulrich first invested in MGM, he was new to Hollywood. He helped pick Gary Barber, a South African-born producer of films such as “Ace Ventura: Pet Detective” as chief executive officer of the storied but debt-laden studio. Barber brought to the table a shrewd business sense, and connections into a world Ulrich long admired from afar.Barber shepherded MGM’s development of “The Hobbit” franchise, a co-production with Warner Bros., that became a global smash hit. He helmed the release of the James Bond film, “Skyfall,” which generated over $1 billion at the box office, and he revived the studio’s work in television. Barber also brokered a deal to bring on TV super producer Mark Burnett, which gave MGM access to reality show hits like “Survivor” and “The Apprentice,” but would ultimately become personally troublesome.In 2012 the company bought back Icahn’s stock for $590 million. It also filed paperwork for a possible public offering of shares, and considered other options, such as a sale.As Barber boosted MGM’s film and TV pipeline, Ulrich was increasingly entranced by the allure of Hollywood. He became a regular at movie premieres in Los Angeles and New York, and frequented industry parties in the Hamptons and elsewhere. He became active in creative decisions after becoming chair of MGM’s board -- somewhat unusual for a non-executive lacking Hollywood experience -- even getting involved with business granularities like casting.Growing RiftBut over the following years a rift began to open up between Barber and Ulrich. When it was time to renew Barber’s contract in 2017, Ulrich conducted an extensive search for a new CEO. When it ended, he ultimately chose to sign Barber to a new five-year deal. Yet around the same time, the pair split on whether to sell the company, with Ulrich wanting to hang on to the studio and Barber saying it was time to find a buyer.The company would hold buyout talks with Apple Inc. as well as Chinese investors that would ultimately prove fruitless.Only months after renewing Barber’s deal, Ulrich fired him. The shock departure meant the company had to pay Barber for five years of salary and buy out his equity, a package totaling $260 million. In the three years since Barber left, Ulrich hasn’t replaced him, instead operating an “office of the chief executive officer,” comprised of various people that each have their personal vision for MGM.Barber declined to comment via his spokesperson.Bounce BackAfter the initial period of success following the restructuring, the gains became harder to come by, as they did in Anchorage’s overall credit-focused business. Two senior managers left the firm in January 2020, and another in November. Anchorage’s flagship strategy, with about $8.5 billion under management, returned just 0.6% in 2018, 1.5% in 2019 and 4.4% in 2020, according to people familiar with the matter.In December, MGM hired investment bankers for a potential sale.MGM only released one film in theaters in 2020.