Lynn Tilton, the founder of Patriarch Partners, almost made it on to the Forbes Billionaires list this year.
She didn’t, even though she assured Forbes “there’s no question I’m a billionaire,” because Forbes was only able to calculate her wealth at $544 million plus the portfolios of the various companies Patriarch Partners owns.
Forbes doesn’t seem to have been able to calculate the worth of the Patriarch portfolios yet, so of course Tilton might very well be a billionaire, but Forbes doesn’t believe she is.
Some of Forbes’ suggestions about Tilton are startling if true. Others Forbes uses as examples of Tilton’s tyrannical reign over Patriarch and the companies it buys, but the business practices sound pretty standard.
Here, we round up the allegations against her and explain what they mean and don’t mean.
1. Jason Colodne sued Tilton for breach of contract. He claims that the 'cause' Tilton claims she fired him for is not the real reason she let him go.
Colodone said he was fired for appearing on a TV show. Colodne plays/is Bethenney Frankel's husband on the Bravo show 'The Real Housewives of New York.'
Tilton settled his suit, seeking $55 million in damages, in 2009.
VERDICT: No big deal; any financial firm would have done the same.