Bill Farley likes to keep people guessing. In the US, fund managers and other shareholders are closely watching the efforts of the Fruit of the Loom chairman and chief executive to create a new parent company in the Cayman Islands amid growing speculation that this is a precursor to a takeover of the firm.
On this side of the Atlantic, observers ranging from the Tanaiste to IDA Ireland and to the 3,500 workers at the company's Irish plants in Donegal and Derry are bracing themselves for his next move, amid fears that he is preparing to axe up to 700 jobs.
The suave Chicago-based multi-millionaire is no stranger to controversy and has shown in the past that he will do what needs to be done, including ordering thousands of job cuts, to ensure the survival of his Fruit of the Loom empire.
A flamboyant and charismatic dealmaker, he rose to prominence in the 1980s, having begun the decade as a little-known financier and head of Farley Industries - an outfit with annual sales of $19.6 million (£13.3 million).
A product of the junk-bond era, he burst into the big time in 1985 by putting together one of the largest leverage buy-outs to purchase Northwest Industries, the parent of Fruit of the Loom. Shortly afterwards, he staged a bid for another apparel group West Point-Pepperell. The deals were financed with $4.5 billion in debt, most of which was raised through the sale of junk-bonds, and put together by his close associate New York's junk bond king, Michael Milken.
At the height of his success he even toyed with the notion of running for US president. He remains an active member of the Democratic Party and is an avid fund-raiser for it, moving easily in circles close to President Clinton.
Born in Pawtucket, Rhode Island, the 55-year-old came from humble beginnings. His parents were both of Irish descent; his father worked for the US Mail service. Educated at Bowdoin College, he graduated in 1964 and subsequently from Boston College law school in 1969. From there he set out on a career in merchant banking, linking up with Mr Milken early in his working life.
Today he divides his time between several homes in the US and Caribbean and owns a luxurious yacht, L'acquisition. He is a notoriously tough operator and Fruit of the Loom has had a high turnover of staff since his arrival. Over the past eight months, he has brought in yet another team of managers to implement further cost savings.
A fitness fanatic he is said to start business meetings with aerobics and he once appeared in a Fruit of the Loom television advertisement in the US doing sit-ups in a tank top.
The rag trade is a tough business. Operating within tight margins and catering for highly fickle consumers, Mr Farley's foray into it has proved both lucrative and disastrous.
His attempt to take over West Point-Peperell in 1989 proved a step too far and almost bankrupted Farley Industries. Having managed to survive that period, Mr Farley firmly focussed his attention on the running of Fruit of the Loom.
By 1989 the company had become a leader in underwear for infants and toddlers. Under his ownership, it began to diversify, manufacturing socks, branching into sweatshirts and increasing production of women's underwear. But difficulties set in in 1995. Faced with falling profit margins and slowing sales Mr Farley decided to move the group's labour intensive manufacturing businesses to cheaper offshore locations in the Caribbean and Central America.
Fruit of the Loom lost nearly $230 million, partly because of charges incurred from closing nine US plants and laying off more than 6,000 workers - a move which did little to enhance his popularity in the US.
The following year, it sold the operating assets of its hosiery division to sock maker Renfro for $90 million. In 1997 it took a $101 million charge to pay for a judgment against a business it sold in 1986, two years after the lawsuit was filed, and announced a further 7,700 layoffs at seven plants.
Mr Farley's latest cost cutting initiative is to create a new parent company in the Cayman Islands, where corporate taxes are not imposed on foreign income.
The move, which shareholders have been asked to approve in November, is viewed by some analysts as his last ditch attempt to forge a prosperous future for the troubled clothing giant. They also believe a move to the Cayman Islands increases the chances of the company being snapped up by another apparel maker.
In his pitch to shareholders, Mr Farley has pledged to put the company back on a firmer financial footing. But some analysts suggest he could be the biggest winner if the initiative is approved.
He contends the deal will trim Fruit of the Loom's corporate tax rate from 28 per cent to 11 per cent, reaping estimated savings of $100 million a year. This concept is, in his own words, "brilliant". But filings by the company to the Securities & Exchange Commission in the US show that the Cayman proposal offers much more than a simple corporate tax break. It will also provide Mr Farley with a hefty personal tax advantage - and one which won't be enjoyed by other shareholders.
Throughout its troubled history, Fruit of the Loom shareholders have endured significant suffering. Mr Farley, however, has managed to fare better. According to Forbes Magazine, he received a 200 per cent pay rise last year, earning a salary of $950,000 together with a bonus of £1.9 million.
At the moment he holds 7 million Fruit of the Loom shares - equal to 10 per cent of the company - but controls 30 per cent of voting stock.
The Caymans climate effectively allows him to avoid paying tax and to maintain his voting rights. It also makes the group more attractive as a takeover target and may shore up the fortunes of the beleaguered operation and provide some optimism for the Irish workforce.
