First, let’s get you a mental image of Lynn Tilton, distressed investor extraordinaire:
She’s wearing a Cavalli top, a Versace shirt, a Gucci skirt and Prada boots and a Jacob watch covered in diamonds.
In a recent interview with NPR, Patriarch Partners CEO, Lynn Tilton, explained what she was wearing and said that she decks herself to the nines because, “I need to look sufficiently fierce to make sure that I garner the respect that I deserve.”
Tilton is known to wear leather suits too. Someone who’s worked with her told us, “She just wears tight leather and intimidates the sh%t out of everyone.”
She hardly needs to; disrepecting Lynn Tilton would be tough. Her company, Patriarch, manages ~7 billion, which she invests in distressed companies that she takes over and (hopefully) returns to profit.
“We own MD Helicopters, Howard Hughes’ legacy. We own Snelling Staffing, Rand-McNally, Stila Makeup…” Patriarch Partners owns a piece of 74 different companies.
Another reason to be intimadated: what she might do to you if she gets near a tassel.
Tilton owned a distressed tassel company that wasn’t doing well, so she created and started marketing a new “Tassle Me” belt and sold it in a magazine, Newport News, another distressed company she now owns.
Asked where she found the inspiration, she says,
“Because I had fond memories of what I had once done with tassels.”
Lynn Tilton on the financial crisis is interesting, too.
She sees stagnant growth. She says the housing bubble was an anomalous situation that allowed American Business to exist in a fantasy world, a world where people didn’t stop spending money.
“They artificially inflated the value of assets and then everyone was capable of borrowing real cash against it.
“And then what happened is those asset values returned to more realistic levels because there were high debt levels that actually needed to be paid back with real cash.”
“I think as of today we’re talking about $13 trillion loss of household wealth. So we don’t think revenues are going back to 2006 or 2007 levels anytime in the forseeable future.”
Check out the podcast on NPR.
Business Insider Emails & Alerts
Site highlights each day to your inbox.