Does Nick Bolton, the erstwhile antagonist of corporate boards around the country, secretly own a large stake in Antony Catalano’s regional publishing empire? That – and a share of $27 million in dividends – is what Bolton, 42, says has blown up his long-standing friendship with the high-profile media executive and Catalano’s backer, billionaire Alex Waislitz.

The stoush spectacularly entered the public domain last week after Catalano, whose Australian Community Media publishes The Canberra Times and the Newcastle Herald, sided with Bolton’s many detractors and attempted to wrest away control of his ASX-listed Keybridge Capital cashbox at an extraordinary general meeting of shareholders.