The businessman who allegedly promised disgraced minister Ian Macdonald a multi-million dollar cut from a corrupt mining deal is now facing bankruptcy.

Greg Jones, 63, the once high-flying Eastern suburbs wheeler and dealer, is being pursued by American Express over a $90,535 debt.

His potential fall from grace is a long way from the $45 million he pocketed over the controversial float of Rams Home Loans in 2007.

A 2013 inquiry by the Independent Commission Against Corruption revealed that handwritten notes of Mr Jones suggested that then mining minister Macdonald was to receive a $4 million cut of the $60 million Mr Jones expected to make out of the awarding of the Mount Penny coal exploration licence.

The deal never went ahead and although Macdonald and Eddie Obeid are a facing criminal trial over the deal in question, Mr Jones had no adverse fidings made against him by ICAC.

Mr Jones has had a colourful career.

He and the now disgraced mining minister and Mr Jones became firm friends over long lunches – at the tax payer's expense - when they both worked for housing minister Frank Walker back in the 1980s.

Mr Jones had hopes of becoming the member for Rockdale. But his entrepreneurial drive took him in a different direction to his mate Macdonald, who was elected to the Upper House in 1988.

However, his role as a budding impresario hit a snag when cast members of the musical Buddy sued him over unpaid wages.

In 1992 his production of Gypsy, the famous musical about the life of stripper Gypsy Rose Lee, also hit the wall.

Cast members took action against his production company B.Ellistock & Bloom Productions.

It appears Mr Jones took the name of his company from the two fictional characters in Mel Brooks' Broadway musical, The Producers.

Max Bialystock, a washed-up producer, and his naïve accountant, Leo Bloom, set out to create a Broadway musical that was so offensive, it would be a guaranteed flop. The intention was to depart to South America with the investors' money.

Instead, to their dismay, Bialystock and Bloom's musical, Springtime for Hitler, was a hit.

Unfortunately, Mr Jones' production of Gypsy was not.  

Mr Jones was already being sued over unpaid wages for Buddy, which had gone into receivership. The 26 cast and crew of Gypsy followed suit, also suing over unpaid wages.

Mr Jones was later to have better results in business largely through his friendship with business figure John Kinghorn. The pair made a fortune when Rams Home Loans was floated.

Over the years Macdonald and Mr Jones remained close friends and continued to enjoy living the high life.

 In 2009 it was revealed that the NSW Wine Advisory board, which Macdonald had appointed Jones to chair, had chalked up $150,000 wining and dining across the state.

But those days appear long gone with Macdonald currently behind bars as he waits to be sentenced next Friday over an unrelated coal deal.

As for the man dubbed "Two eggs and bacon" Jones, American Express obtained judgment against Mr Jones in Hornsby Local Court in June last year and a bankruptcy notice was subsequently served on him.

His bankruptcy matter is listed for hearing in the Federal Circuit Court in June.