Multiple complaints contend that Tilton and Patriarch deliberately violate contracts through sham transactions and shell games.
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There are billions of investor dollars at stake--and Tilton's outstanding CLOs have been downgraded.
Still, the picture that emerges from suit after suit is that Tilton allegedly stiffs people.
Neither service currently reports any prices listed for the Tilton company loans, despite having vast databases.
FORBES: Lynn Tilton's Financial Empire: More Details, More Trouble
Tilton says she has independent third-party loan-pricing firms like Mark-It and LoanX verifying her loan values.
FORBES: Lynn Tilton's Financial Empire: More Details, More Trouble
Not to "get" Tilton--but to try and understand a complex personality and an arcane financial model.
Italian manufacturing company Ansaldo Sistemi Industriali has also risen from the grave under Tilton.
Patriarch became a 50% owner of DNA and installed four people, including Tilton, to its board.
Collateral manager Lynn Tilton, and this is perfectly acceptable according to the offering documents.
FORBES: Lynn Tilton's Financial Empire: More Details, More Trouble
As a newly divorced single mother working on Wall Street, Tilton says she lived in constant fear.
Tilton admits that American LaFrance, a fire truck maker acquired in late 2005, is still a mess.
John's graduate assistant, Jason Tilton, chauffeurs Keady and Lavin, who lives in SoHo, to their office in Queens.
Later I called Patriarch managing director Charles Sweet, who has worked for Tilton for seven years, about Patriarch's financing.
Allegations of wrongful conduct have been aimed against Tilton herself for her operational role in some of her companies.
What happens if Tilton's funding dries up and she can't issue more CLOs?
As collateral manager of her CLOs, Tilton has used the money raised as if it were her private bank.
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At United, Tilton is struggling to hang on as competitors slash prices.
We were still stupefied, even after Tilton explained that all six of her funds returned 20% to 60% a year.
Creditors claim that Patriarch engages in fake transactions in order to disclaim liabilities, while retaining assets of the distressed companies Tilton acquires.
But so far some of Tilton's moves have been--to put it politely--counterintuitive.
"Checks and balances would be nice, but they are acting so ... abominable, " O'Leary told us during a conversation at the Tilton Diner.
Considering the tens of millions in fees Tilton gets each year from CLOs like Zohar, her potential equity losses are more than covered.
Tilton's empire, built on the backs of issuing successive CLOs, is in trouble partly because her easy access to funding is drying up.
Tilton spent two decades surrounded by men while working at Morgan Stanley, Goldman Sachs, Merrill Lynch, Oppenheimer, Kidder Peabody and Amroc Investments.
And even though the seats adjust for height, they don't move, so swing a lever under the dash, and you can adjust the entire Tilton pedal box.
Valiantly presiding over the Chicago-based parent of United Airlines is Glenn Tilton, a 54-year-old former oil executive who took the chief executive job in September.
Tilton also gets fee income as collateral manager of Patriarch's and other funds and, to the extent she holds equity, from proceeds of company sales.
Manhattan dealer Jack Tilton says he's done deals with the New York Helly and is in negotiations with him about the family's stock of Monets.
Tilton has built a formidable fortune using collateralized loan obligations (CLOs) to finance the purchase of distressed middle market loans from bank portfolios.
FORBES: Reality Bites: Lynn Tilton's Diva Of Distressed Show Cancelled
While Glenn Tilton, boss of United Airlines, prepares to unveil details of his latest recovery strategy, some international carriers still doubt that it will work.
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