Decline
In December 1993, McNall defaulted on a $90 million loan, and Bank of America threatened to force the Kings into bankruptcy unless he sold the team. He sold controlling interest in the Kings in May 1994 and resigned as chairman of the board of governors, though he still remained as president and governor of the Kings for a time.
Shortly afterward, he granted an interview to Vanity Fair in which he admitted smuggling many of his prized coins out of foreign countries. His claim of graduating from Oxford University was also debunked.
On December 14, he pleaded guilty to five counts of conspiracy and fraud, and admitted to bilking six banks out of $236 million over a ten-year period. He was sentenced to 70 months in prison. Immediately after his conviction, it emerged that his free-spending ways had put the Kings in serious financial jeopardy. They were ultimately forced into bankruptcy in 1995. The financial problems from the McNall era plagued the Kings for several years afterward.
McNall was released in 2001 after his sentence was reduced by 13 months for good behavior. He was on probation until 2006. McNall remained on good terms with many of his former players, with Gretzky, Rob Blake, Luc Robitaille and others visiting him in prison. Gretzky even refused to allow the Kings to retire his number 99 until McNall could attend the ceremony. McNall also attended Robitaille's uniform retirement ceremony in 2007. He credited his celebrity friends who supported him. Kurt Russell and Goldie Hawn visited, "Michael Eisner, who suggested I write the book and bought it, always took my call", while "Dick Zanuck was always there, Tom Hanks would write to me, Bert Fields would send his books, and Barry Kemp wrote long letters. They kept me going."
His autobiography, Fun While It Lasted: My Rise and Fall in the Land of Fame and Fortune, was published by Hyperion Books in 2003. In 2004, McNall became co-chair of A-Mark Entertainment.
He took a role with Peter M Hoffman at Seven Arts Pictures Inc in 2003 and is credited on Nick Cassavetes' 2012 Movie, "Yellow".
Read more about this topic: Bruce McNall
Famous quotes containing the word decline:
“Reckoned physiologically, everything ugly weakens and afflicts man. It recalls decay, danger, impotence; he actually suffers a loss of energy in its presence. The effect of the ugly can be measured with a dynamometer. Whenever man feels in any way depressed, he senses the proximity of something “ugly.” His feeling of power, his will to power, his courage, his pride—they decline with the ugly, they increase with the beautiful.”
—Friedrich Nietzsche (1844–1900)
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“I rather think the cinema will die. Look at the energy being exerted to revive it—yesterday it was color, today three dimensions. I don’t give it forty years more. Witness the decline of conversation. Only the Irish have remained incomparable conversationalists, maybe because technical progress has passed them by.”
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