Ten years ago, founder and Chairman of telecoms group, Digicel was riding high with esteemed business magazine Forbes placing his wealth at US$5.2 billion.

At that time his nemesis, the Mexican owner of Latin American telecoms company America Movil, Carlos Slim was the world’s richest person for the fourth year in a row with an estimated fortune of US$73 billion.

In 2023, Forbes calculates O’Brien’s wealth to have declined to just US$2.8 billion as he sells off assets and Digicel’s fortunes diminish.

Now 64, O’Brien seems set to give up his majority stake in Digicel with bondholders no longer willing to take haircuts on what is owed by the US$4.5 billion indebted company which now operates across 25 countries.

Bondholders are keen to acquire a large equity stake in return for cutting Digicel’s huge debt by US$1.8 billion and return it to a more manageable footing.

Credit rating agency Fitch has already proclaimed Digicel’s debt “unsustainable”. Digicel missed a US$925 million payment on March 1st, 2023 and is now looking for a more comprehensive debt restructuring plan come the end of this month.

The precipitous drop in earnings from Haiti, the age of quantitative tightening, high interest rates, earnings in weak currencies and more fierce competition has rattled the once imperious Digicel.

Forbes notes that O’Brien sold his Irish mobile telephone company Esat Telecom Group before entering Jamaica and the Caribbean with Digicel back in 2001.

It has been one hell of a ride.

O’Brien has a number of other businesses including investments in healthcare and the PGA Catalunya and Quinta do Lago resorts on the Iberian peninsula.

One of Ireland’s leading businessmen, O’Brien pulled out of the media business, selling his stake in Independent News and Media in 2019, losing more than 400 million euros in selling to Mediahuis. This after a protracted bitter fight with the previous owners.

Two years later, he sold his beloved Communicorp radio company group. He still runs Loop News in the Caribbean, formed in 2014 and now the most expansive digital news service in the region.

O’Brien saw to it that many of his executives prospered and saw their fortunes rise under his leadership when Digicel strode the Caribbean, the Pacific and Central America like a colossus. They must now stand by him, show loyalty and help him get out of this mess. Reciprocity is now due.

The Irish billionaire must do all he can to continue to lead the company he built and not cash out like he did with Esat. It would be unfortunate if he meekly handed over his company to bondholders and settled for being a back seat contributor.

He now has to find a way and will need help and support.

At one time, O’Brien had business interests in aircraft leasing (Aergo Capital), utilities support (Actavo), petroleum (Topaz Energy), football (a shareholder in Celtic FC ).

The man from Cork built Digicel; he must see to it that he keeps it and regains his fortunes. After all, it is the jewel in his crown.

You wouldn’t bet against him being heralded in Forbes in 10 years’ time with his fortune placed in excess of where it is now.