Legendary Investor Richard Rainwater Dies | us news

Legendary Investor Richard Rainwater Dies

28 Sep 2015 | Author: | No comments yet »

Fort Worth billionaire Richard Rainwater dies.

Richard Rainwater was a legendary deal maker who helped turn the Bass brothers of Texas into billionaires and later became one himself, while serving as a mentor to a new generation of investment wizards. FORT WORTH, Texas (AP) — Richard Rainwater, the son of a North Texas grocer who went on to amass a fortune as an investment manager before becoming a billionaire investor and philanthropist in his own right, has died, according to his charitable foundation. Among Rainwater’s career achievements was conducting billionaire investor Sid Bass’ acquisition of a major stake in the Walt Disney Co. and partnering with future President George W.

Forbes magazine listed Rainwater as the world’s 663rd wealthiest person and ranked him 236th in the United States with an estimated net worth of $3 billion in 2015. The Bass family, heirs to Texas oil wildcatter Sid Richardson’s fortune, hired the Stanford Business School graduate from Goldman Sachs to manage its investments when Rainwater was 26, the statement said.

In 1986, when he turned 42, Rainwater went into business for himself and later helped to engineer Bush’s purchase of the Rangers, foundation of Bush’s personal fortune. “I was so saddened to learn that my friend Richard Rainwater died this weekend. We also send our condolences to his loyal brother, Walter, and to Richard’s family, friends, and staff who loved and cared for him.” “He worked hard in school and it really paid off,” Goff said. “It’s a great success story for other young people to look at and examine, because he did it on his own.” After he graduated, former classmate Sid Bass asked Mr. Rainwater while working for Robert Bass and later founded private-equity giant TPG. “He was always confident and idiosyncratic, and generally was right.” Mr. The National Institute of Neurological Disorders and Stroke describes progressive supranuclear palsy as a brain disorder that causes serious and progressive problems with control of gait and balance, along with complex eye movement and thinking problems. Rainwater struck out on his own in the late 1980s, continuing his penchant for spotting distressed assets and market quirks that made for bold investment opportunities through his private-equity firm, Rainwater Inc.

His winning moves included buying more than 15 million square feet of downtown Houston real estate during a slump in the mid-1990s; many of the properties later sold for two or three times his purchase price. Down the hall at the time was Rick Scott, who became the CEO of the Columbia/HCA hospital chain and is now governor of Florida. “He believed in [young people] and made them believe in themselves,” said Mr. Rainwater’s unorthodox personal style—he would often stand on his desk to hammer home a point—made an impression on his protégés, as did his lack of pretense.

Moore became CEO of Rainwater Inc. in 1994 and brought a harder edge to some of the firm’s dealings that generated controversy, notably when it forced oilman T. Rainwater’s family tackled the problem through an investment, creating the Tau Consortium, a group of international scientists, which is trying to understand and ultimately treat degenerative brain diseases such as the one that struck Mr.

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