Louis Wolfson
American financier (1912–2007) / From Wikipedia, the free encyclopedia
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Louis Elwood Wolfson (January 28, 1912 – December 30, 2007) was an American financier, a convicted felon, and one of the first modern corporate raiders, labeled by Time as such in a 1956 article.[1] A self-made millionaire by 28, Wolfson is credited with creating the modern hostile tender offer, which laid the technical framework to the leveraged buyout. In later years, he was a major thoroughbred horse racing participant best known as the owner and breeder of 1978 American Triple Crown winner, Affirmed.
Louis Wolfson | |
---|---|
Born | (1912-01-28)January 28, 1912 |
Died | December 30, 2007(2007-12-30) (aged 95) Bal Harbour, Florida, U.S. |
Education | University of Georgia |
Spouse(s) | Florence Monsky (until her death) Patrice Jacobs (until his death) |
Children | 4, including Martin |
Wolfson was frequently in trouble with the law. In 1957, the United States Securities and Exchange Commission ordered a ten-day suspension of trading in stock in a company Wolfson held "To prevent fraudulent and manipulative practices". In 1967, he was convicted of selling unregistered shares and obstruction of justice, for which he served nine months in a federal prison. The conviction eventually led to a scandal involving Supreme Court Justice Abe Fortas, who resigned in 1969 after returning a $20,000 retainer to a Wolfson foundation.[2][3][4] In 1971, Wolfson was involved in a contentious legal battle with radio host Larry King over monies Wolfson supplied and King allegedly pocketed. Later King claimed Wolfson paid him $48,500 to influence President Richard Nixon's incoming U.S. Attorney General, John N. Mitchell, into reviewing Wolfson's past conviction.[5][6]