Z Co, Mr X and the talks to privatise Crown Resorts that unravelled.

Gray’s former employer, TPG, was Z Co.
The whole affair between Packer, Z Co and Mr X was unveiled at a NSW government inquiry into Crown, including in a private hearing that discussed the email in more detail.
James Packer has spent the past day giving evidence to NSW’s Crown inquiry.  Supplied
The contents of the email were suppressed by the inquiry.
Publicly, Packer agreed with the head of the inquiry, Commissioner Patricia Bergin SC, that his conduct in the emails was totally unsuitable for a public company director and a close associate of a casino licence holder, he denied it reflected on his character, honesty and integrity because he was battling a bipolar disorder at the time.
Mr X, according to The Sydney Morning Herald and The Age, was so concerned for his safety he sought advice from a QC and considered hiring private security. Packer said on Tuesday it “came as a surprise to him” that Gray was fearful following the threats.
Gray did not return calls on Wednesday.
Rival private equity firm Hellman & Friedman’s interest in the Crown privatisation proposal was discussed separately at the inquiry on Wednesday.
The proposal with Z Co, as discussed at the inquiry, would have required TPG to tip $1.5 billion in equity and valued Crown’s equity at $9.1 billion. Also involved was a Mr Y, who would have joined Crown’s board as part of the proposed privatisation. Investment bank UBS was helping with the discussions, sources said.
Z Co backed out, saying it could only invest $400 million.
Crown shares were trading at $8.97 on Wednesday, valuing its equity at $6.07 billion.