Richard C. Perry: More Info

Richard C. Perry positioned the firm to participate in leveraged buyouts. Many investors and financial institutions are holding lots of credit that they would like to get out of, Paul Leff says. “They won’t get out at prices where they want to get out, but where they have to get out.” In short, Perry Capital will be ready to pounce when credit opportunities become attractive. For example, many companies involved in LBOs are often willing to pay premiums to investors to get deals done.

Perry Capital generally tries to avoid hostile situations, and prefers to work on fixer-uppers with receptive management.

Richard C. Perry is not investing only in distressed securities. In 2005, Perry, Dan Och and Citadel’s Griffin lent billionaire Malcolm Glazer, owner of the Tampa Bay Buccaneers, $512 million to help finance part of the purchase of Manchester United, a British soccer team. In addition, Perry is also a major investor in Exclusive Resort – the members-only vacation club owned by the former AOL Time Warner chairman Steve Case’s company, Revolution. He also backs Hollywood honchos Harvey and Bob Weinstein, who formed their own company, the Weinstein Co., in 2005. Perry even gave them an idea for a TV show: Battle of the Nutcrackers, in which ballet companies compete to put on the best performance.

But looking for trouble is what Richard C. Perry does best. Some star investors are calling these times the “second Great Depression.” Perry doesn’t disagree. As some famous lyrics from his favorite band, the Kinks, go: “And those who are successful, be always on your guard. Success walks hand in hand with failure on Hollywood Boulevard.” Or in this case, Wall Street. Yet Perry is forging ahead: “We’re looking forward to taking advantage of a long-lasting distressed cycle.”

Perry is also big Democrat, a former Hillary Clinton supporter who now backs Obama. He and his wife, Lisa, who have college-age twins, own a large collection of art works by Warhol, Lichtenstein, and other ’60s artists.

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