Lynn Tilton

Lynn G. Tilton (born April 22, 1959) is an American businesswoman and collateralized loan obligation (CLO) creator, owner and manager.[2][3] She is the chief executive officer and sole principal of Patriarch Partners, LLC and its affiliated entities,[4] a holding company managing 75 companies. She worked for Goldman Sachs and Merrill Lynch as an investment banker.

Lynn Tilton
Tilton in 2013
Born
Lynn Garfinkle

(1959-04-22) April 22, 1959
The Bronx, New York City, New York
NationalityAmerican
EducationTeaneck High School
Alma materYale University (B.A., American Studies, 1981)
Columbia Business School
OccupationCollateralized loan obligation manager, business owner
Known forCEO of Patriarch Partners
Net worth$450,000,000 (June 2016)[1]
Spouse(s)Kevin Wayne Tilton (divorced in 1995 in Florida)

Early life and education

Tilton was born in The Bronx[4] and raised in Teaneck, New Jersey where she attended Teaneck High School and played on the tennis team before graduating in 1977.[5] Her father, Jerry Garfinkle, was a New York City schoolteacher and a strong influence on her. He died of a brain tumor during her junior year in college.[6] She states that she comes from a long line of Kabbalah scholars.[6][7] She obtained a BA degree in American Studies from Yale University in 1981 and an MBA degree in Finance from Columbia University.[8]

Career

Tilton began her career at Morgan Stanley in 1981. After completing her MBA she moved first to Goldman, Sachs followed by Kidder Peabody and finally ended up at Merrill Lynch as an investment banker until 1989. Tilton was an executive at Long Drive Management Trust, a special situations investment fund, and Executive Managing Director of Papillon Partners, Inc., a firm which she founded to offer customized research, valuation, and execution services to sellers of bank loans and high yield bonds.

By 1998, she had decided to retire from her job as a partner at Amroc Investments. She returned to New York from Costa Rica in 2000 and formed a partnership with Dennis Dolan from Nomura.[9] They had purchased a portfolio of distressed commercial loans and packaged them into a CLO at a time when they were new. As the economy improved, the securities issued by Patriarch grew in value. Since 2000, through Patriarch Partners' affiliated funds, Tilton has had ownership in and restructured more than 240 companies with combined revenues of $100 billion. She is also Chairman and CEO of MD Helicopters, Inc.,[10][11] a manufacturer of commercial and military helicopters, the acting CEO of Dura Automotive Systems,[12] a Tier 1 supplier to automotive and transportation industry OEMs, and CEO of Stila, a cosmetics company.[13]

In October 2011, Tilton was interviewed by Barbara Walters for a 20/20 special.[14][15] She appears periodically on CNBC[16] and is an occasional contributor to The Huffington Post.

Awards and accolades

On January 21, 2011, Tilton was honored as "Aviation Entrepreneur of the Year" at the 8th Annual Living Legends of Aviation Awards ceremony at the Beverly Hilton in Beverly Hills, CA. She was recognized for her leadership in the successful turnaround of Patriarch portfolio company MD Helicopters (MDHI)[17]

On December 18, 2012, Diversity Woman Magazine awarded Tilton the Mosaic Women Legend Award for her efforts in saving American jobs. The award was presented at the National Diversity Woman Business Leadership Conference.[18]

On September 5, 2014, Tilton was awarded the Intercollegiate Tennis Association (ITA) Achievement Award at the ITHF Board of Directors Meeting at the Grand Hyatt Hotel in New York. The ITA Achievement Award pays tribute each year to past participants in the world of varsity tennis who have achieved excellence in their chosen careers. The spirit of the award honors both professional success and contributions to society, made either as a direct result of a career or through humanitarian efforts.[19]

In 2014, Tilton received the Women's Entrepreneurship Day Pioneer Award[20] in recognition for her achievements in the business world.

Controversy

In March 2015, the U.S. Securities and Exchange Commission (SEC) charged Tilton with defrauding her collateralized loan obligation (CLO) investors.[21][22][23][24] She filed a lawsuit against the SEC on April 1, 2015, to stop the SEC from pursuing the charges against her.[25][26] On September 27, 2017, an SEC judge dismissed the charges.[27][28]

In June 2016, an article in The New York Times attributed the collapse of TransCare, a provider of ambulance services, directly to Patriarch and Tilton.[29]

Personal life

According to Patriarch Partners' website, Tilton married Kevin Wayne Tilton during her junior year at Yale and divorced in 1995 in Florida. By age 25, she had a daughter named Carly Jade.[30] She lives in Middletown, New Jersey,[31] and Highland Beach, Florida.[32]

References
  1. "2016 America's Self-Made Women: #31 Lynn Tilton". Forbes (magazine). June 1, 2016.
  2. Nathan Vardi (March 30, 2015). "SEC Accuses Diva Of Distressed Lynn Tilton Nearly $200 Million Fraud". Forbes. Retrieved April 1, 2015.
  3. Matthew Robinson (April 1, 2015). "Distressed Diva Tilton Has More Than Just the SEC to Worry About". Bloomberg Business. Retrieved April 3, 2015. ... on fees she collected on $2.5 billion of collateralized loan obligations, or CLOs, she created to help fund her various businesses.
  4. Patriarch Partners, LLC. "Lynn Tilton: Dedicated to Excellence". PatriarchPartners.com. Retrieved December 18, 2012.
  5. "A Visit With Lynn Tilton". Rotor & Wing International. February 1, 2009.
  6. Pressler, Jessica. "What Does It Take for a Female Tycoon to Get Noticed Around Here?", New York Magazine, April 18, 2011
  7. "SEC: Lynn Tilton Defrauded Investors, Did She? (at 6:30)". Bloomberg News. November 10, 2015. I went on a spiritual journey in my thirties. I come from a long line of Kabbalah scholars and I studied with the Mayan Indians for a decade
  8. "News Headlines". Cnbc.com. 2009-06-01. Retrieved 2012-06-19.
  9. Pressler, Jessica (2011-04-10). "What Does It Take for a Female Tycoon to Get Noticed Around Here?". New York Magazine. Retrieved 2018-09-27.
  10. ""Rock star" executive Lynn Tilton rescues companies — and saves jobs". Seattle Times. March 14, 2009. Retrieved April 1, 2015.
  11. Mary Dixie Carter (October 16, 2006). "Wall Street Copter Queen Takes On Rumsfeld's Boys". The New York Observer. Retrieved April 1, 2015.
  12. Dura Automotive Systems. "About: Leadership Team: Lynn Tilton". DuraAuto.com. Retrieved December 18, 2012.
  13. "Patriarch's Tilton to head Stila, Jane cosmetics companies". New York Business Journal. February 7, 2013. Retrieved April 1, 2015.
  14. ABC News. "'A Woman's Work Is Never Done'". ABCNews.go.com. Retrieved December 18, 2012.
  15. Rob Wallace (October 29, 2011). "The Stylish Job Saver: Lynn Tilton Owns More Companies Than Any U.S. Woman". 20/20. Retrieved April 1, 2015.
  16. CNBC Lynn Tilton appearances on CNBC.
  17. "Lynn Tilton CEO of MD Helicopters™ to be Honored as Living Legend of Aviation". www.businesswire.com. January 18, 2011.
  18. "Lynn Tilton named 2012 Diversity Woman Magazine's Mosaic Woman Legend". www.businesswire.com. December 18, 2012.
  19. http://www.itatennis.com/AboutITA/News/Archived_News/2014_News_Archive/Lynn_Tilton_receives_2014_ITA_Achievement_Award.htm
  20. "Lynn Tilton (Business Pioneer Award)". Women's Entrepreneurship Day. Retrieved 2019-06-26.
  21. Sarah N. Lynch and Lauren Tara LaCapra (March 30, 2015). "U.S. SEC accuses financier Lynn Tilton of defrauding investors". Reuters. Retrieved April 1, 2015.
  22. Alexandra Stevenson (March 30, 2015). "S.E.C. Accuses Financier Lynn Tilton of Defrauding Investors". The New York Times. Retrieved April 1, 2015.
  23. Stephen Gandel (March 31, 2015). "Case against 'Diva of Distressed' exposes problems in a hot Wall Street market". Fortune. Retrieved April 1, 2015.
  24. Gregory Mott (March 30, 2015). "Lynn Tilton Accused of Defrauding CLO Clients in SEC Complaint". Bloomberg Business. Retrieved April 1, 2015.
  25. Jonathan Stempel (April 1, 2015). "Financier Lynn Tilton sues SEC after it charges her with fraud". Reuters. Retrieved April 1, 2015.
  26. Matthew Robinson and Patricia Hurtado (April 1, 2015). "Tilton, Patriarch Say SEC Violated Constitutional Rights". Bloomberg Business. Retrieved April 1, 2015.
  27. https://www.sec.gov/alj/aljdec/2017/id1182cff.pdf
  28. "Tilton, Patriarch Beat SEC Fraud Claims Over Zohar Funds - Law360".
  29. DANIELLE IVORY, BEN PROTESS and KITTY BENNETT (Jun 25, 2016). "When You Dial 911 and Wall Street Answers". New York Times.
  30. Lynn Tilton. "Lynn Tilton". patriarchpartners.com. Retrieved April 1, 2015.
  31. http://www.njparcels.com/property/
  32. U.S. Securities and Exchange Commission (March 30, 2015). "In the matter of Lynn Tilton" (PDF). Retrieved April 1, 2015. Lynn Tilton, age 55, is a resident of Middletown, New Jersey and Highland Beach, Florida.
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