PIMCO asks ‘bond king’ Bill Gross to see a copy of his memoirs before publishing
Bill Gross is penning a memoir — and Pacific Investment Management Co. would appreciate the opportunity to have a peek before he publishes it.
The billionaire “bond king” — who in 2014 left PIMCO, the bond-trading giant he founded 50 years ago, in a storm of acrimony and lawsuits — recently got an inquiry from PIMCO’s attorneys about his upcoming book that’s slated for release in the next few weeks, On The Money has learned.
“PIMCO would like to offer Mr. Gross the opportunity for PIMCO to review and comment on a manuscript of the book — or even excerpts of the manuscript to the extent there are portions that relate to PIMCO or Mr. Gross’ time at PIMCO — before publication,” PIMCO’s attorneys wrote in a Jan. 28 letter to Gross’s lawyer.
The attorneys — the legal power couple Thomas Clare and Libby Locke — suggested to Gross’s attorney — the LA-based power lawyer Patricia Glaser — that a failure to provide PIMCO with any relevant text in advance could result in a fresh chapter of litigation once the book is published.
“PIMCO’s hope is that by engaging with Mr. Gross and you pre-publication, the parties can avoid any unnecessary dispute in the months and years ahead,” the letter concluded.
The note comes less than a month after Gross — who in October was slapped with a five-day jail sentence for violating a court order against blaring loud music that had been annoying his next-door neighbor in Laguna Beach, Calif. — announced he would be self-publishing a book on Amazon under the title “I’m Still Standing.”
A source close to Gross said he is side-stepping a traditional publisher for the book, which will be part memoir and part economic forecast, partly because he wanted to do it fast and partly because he wanted more control. Gross has said proceeds from sales will go to charity.
“It’s galling that PIMCO’s attack dogs are threatening him,” the source added. “They’re coming in with legal guns firing over a personal memoir where he’s writing about grandchildren and shooting rubber bands on Wall Street Week and the founding of PIMCO and even crypto.”
PIMCO declined to comment. A settlement between PIMCO and Gross in the wake of his departure from the firm included a non-disparagement provision, according to the letter from the company’s lawyers.
Gross left PIMCO in 2014 for Janus Capital group. At the time, he came under fire over the company’s weak returns and media reports that he was domineering and unreliable. Gross sued PIMCO in 2015 alleging he had been ousted by a “greedy cabal” of executives who wanted his share of the company’s bonus pool and who wanted to move away from ultra-safe bonds and into riskier investments.
Gross, whose net worth is estimated by Forbes at $1.5 billion, alleged the company destroyed his reputation and demanded $200 million. In 2017, it was widely reported that PIMCO settled with Gross for $81 million which he donated to charity.
“Pimco has always been family to me, and, like any family, sometimes there are disagreements,” Gross said in a statement at the time.
Meanwhile, journalist Mary Childs will be releasing a book on Gross next month called “The Bond King”. PIMCO and Bill Gross cooperated in the fact-checking of the book but did not review a copy of the manuscript, people with knowledge told On The Money.
