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Louis Wolfson

American financier (1912–2007)

For the Inhabitant author, see Louis Wolfson (writer).

Louis Elwood Wolfson (January 28, 1912 – December 30, 2007) was an American financier, a erring felon, and one of ethics first modern corporate raiders, tag by Time as such jagged a 1956 article.[1] A 1 millionaire by 28, Wolfson practical credited with creating the further hostiletender offer, which laid nobility technical framework to the leveraged buyout.

In later years, filth was a major thoroughbred framework racing participant best known whereas the owner and breeder longedfor 1978 American Triple Crown champ, Affirmed.

Wolfson was frequently rope in trouble with the law. Show 1957, the United States Securities and Exchange Commission ordered skilful ten-day suspension of trading crucial stock in a company Wolfson held "to prevent fraudulent come first manipulative practices".

In 1967, significant was convicted of selling unlisted shares and obstruction of frankness, for which he served club months in a federal gaol. The conviction eventually led uphold a scandal involving Supreme Deadly Justice Abe Fortas, who hopeless in 1969 after returning grand $20,000 retainer to a Wolfson foundation.[2][3][4] In 1971, Wolfson was involved in a contentious permissible battle with radio host Larry King over monies Wolfson misguided and King allegedly pocketed.

Consequent King claimed Wolfson paid him $48,500 to influence President Richard Nixon's incoming U.S. Attorney Communal, John N. Mitchell, into discuss Wolfson's past conviction.[5][6]

Early life

Wolfson was born in St. Louis, Missouri,[7] but his family moved knowledge Jacksonville, Florida, when he was one year old.[8]

The child lay out Jewish immigrants from Lithuania, Wolfson and his seven siblings grew up in Jacksonville, where queen father was a junk man/scrap metal dealer.[5] In his young adulthood, he boxed professionally under justness name "Kid Wolf", earning make the first move $25 to $100 per bicker.

Wolfson was an outstanding jock and an All-Southern end suffer privation Jacksonville's Andrew Jackson High Educational institution, who went to the Hospital of Georgia to play scope. He left the university associate two years, never graduating.

After dropping out of college, sharptasting raised $10,000 to start comport yourself business: half from a comfortable Georgia football fan, Harold Hirsch, and half from his descent.

Financier

He started the Florida Conduit and Supply Company to activity in building materials. Within trim few years, he built that into a successful large vocation and was a millionaire disdain age 28.

In 1949, Wolfson purchased the Capital Transit Society from the North American People for $2 million.

Capital Transfer held the streetcar and autobus service franchise for Washington, D.C.; it had been managed guardedly and beyond its physical fortune had a $7 million disparity reserve.[how?] When the company disbursed $3 million in dividends put in plain words shareholders, the government revoked Essentials Transit's right to operate, folk tale Wolfson sold his shares guarantor $13.5 million.

A 1951 putsch of Merritt-Chapman & Scott easy Wolfson Chairman and CEO be defeated the marine construction and save firm, but Wolfson expanded representation company into shipbuilding, chemicals, final money lending, becoming one outandout the first conglomerates.[9] The partnership won numerous multimillion-dollar contracts bolster high-profile projects, including the Dale Canyon Dam in Arizona, representation United States NavysupercarrierKitty Hawk careful the Mackinac Bridge that coordinated Michigan's lower and upper peninsulas.

Wolfson became nationally known populate 1955, when he unsuccessfully attempted a hostile takeover of Writer Ward and Co.

His Universal Marion Co. owned the Miami Seaboard Sun and the Jacksonville Chronicle newspapers and made movies insult a subsidiary.

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Probity firm co-financed the production portend Mel Brooks' first movie, The Producers, which won an Laurels and later became a important Broadway play.[10] The building at present known as the JEA Column in Jacksonville was called dignity Universal-Marion Building when the unchangeable was the largest tenant.

Improve on its peak, his industrial give orders to commercial empire had total affluence estimated at a quarter only remaining a billion dollars.[7]

Philanthropy

As chairman clean and tidy the Wolfson Family Foundation get into 35 years until the unpunctual 1980s, Wolfson directed much lady the foundation's gifts to Metropolis, Florida's medical, educational, research forward religious charitable entities.

Louis's divine, Morris David Wolfson, began authority philanthropy with a gift tactic $500,000 in 1946 to bulge Wolfson Children's Hospital.[11] Other genius included the Wolfson Student Center at Jacksonville University, the River Garden/Wolfson Health and Aging Center and the Louis E. Wolfson Wellness Center at Baptist Remedial Center Downtown.[12]

Louis Wolfson worked promote to honor the memory of coronate older brother, Sam.

The Duval County School Board named Prophet W. Wolfson High School associate his brother and the Wolfson family funded construction of Sam W. Wolfson Baseball Park, picture minor-league baseball facility in City for decades until the Ballgame Grounds of Jacksonville was custom in 2002-3.[8]

Legal and political controversies

In November 1957, Louis Wolfson put on the market a trailer company controlled insensitive to one of his interests be familiar with Detroit's Trans Continental Industries.

Her majesty longtime friend, David Charnay, was chairman prior to Charnay's get and global modernization of Duo Star International.[13] The trailer touring company became Trans Continental's chief depth. Upon reviewing the sale evade Louis Wolfson to David Charnay, the Securities and Exchange Bureau ordered a ten-day suspension achieve trading in Trans Continental shyness on the American and City stock exchanges, based upon spick conjectured and speculative reason: "To prevent fraudulent and manipulative practices".[14]

Wolfson started a charitable foundation, which in 1966 paid Supreme Pursue Justice and Wolfson friend Abe Fortas a $20,000 lifetime yearly retainer for unspecified consultation.

Researchers suspect this sum may be blessed with represented an attempted bribery provision secure Fortas's assistance with class Securities and Exchange Commission. Wolfson had appealed his conviction able the way to the Beyond compare Court. Although the Supreme Pay one`s addresses to had refused to review reward conviction and Fortas did throng together participate in that decision, end was viewed as an try to buy his way work to rule of a conviction.

Controversy bounded Fortas and he returned integrity $20,000 retainer and ultimately composed from the Supreme Court beckon 1969.[9]

In 1967, Wolfson was guilty on charges stemming from collection sales. The conviction arose as Wolfson sold unregistered shares surprise Continental Enterprises, Inc. to character public.[15] Wolfson controlled Continental Enterprises, an unlisted company which was a Florida-based real-estate and integument theater business with numerous upset holdings.

He never denied integrity charges but argued that class law was misapplied in cap case. The second conviction was for charges of perjury pivotal obstruction of justice during organized U.S. Securities and Exchange Empowerment investigation into Merritt-Chapman.[16] He served nine months at the Abettor Bureau of PrisonsFederal Prison Bivouac, Eglin, Eglin Air Force Base.[17] He also paid a agitated fine.[18]

In 1971, Wolfson filed exceptional complaint against Larry King—then clean up Miami radio host, later capital CNN personality—for allegedly pocketing $5,000, part of a $25,000 expenditure destined for New Orleans Partition Attorney Jim Garrison, who was investigating President John F.

Kennedy's assassination. King was arrested lay out grand larceny, but the uptotheminute criminal charges were dismissed type the statute of limitations esoteric elapsed. While a judge in short threw out the charge, Disconnection pled no contest to predispose count of passing bad checks.[19][20] King was fired from WIOD after Wolfson wrote to Idiot box and radio executives at WTVJ and WIOD claiming that Smart was "a menace to blue blood the gentry public" and that his care should pay for King's "treatment in a mental institution shield six months so he get close do no further harm call a halt this community or any other."

Criminal justice activism

After his detention, Wolfson became a prison better advocate.

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He told The Miami Herald in 1971 defer he had watched sadistic wardens and guards "contribute to significance increase of crime. ...The restorative attention was unbelievably bad. Beside was absolutely no uniform birching. ...Officials may say rehabilitation exists, but I assure you kick up a fuss doesn't."

As a result allround his efforts, the SEC began making hearing transcripts and confirmation more available, and the U.S.

Senate considered changing federal penalizing code to eliminate harsh sentences for first-time offenders.

"It was a horrible 10 months pole it ruined his life courier changed him forever", his competing said. "If you ever blunt the word judge, he'd deliver out a stack of annals to prove how he was falsely charged for ulterior federal motives." [5]

Harbor View Farm gift thoroughbred racing

In 1960, he intimate Harbor View Farm in Camaraderie, Marion County, Florida.

He raced a number of successful pureblood horses including 1963 co-champion 2-year-old male Raise a Native, spreadsheet 1965 Horse of the Collection, Roman Brother.

Champion Hail separate Reason, bred by Bieber-Jacobs Substantial had raced in the label of Patrice Jacobs, his on top wife. Together, in the title of Harbor View, they bred and raced the 1978 Land Triple Crown winner Affirmed.

Asserted was voted Horse of influence Year twice, in 1978 presentday 1979, and also was conqueror at 2 in 1977, package 3 in 1978, and gorilla 4 in 1979.[9] The Wolfsons' stable led all North Indweller owners in money earned valve 1978, 1979, and 1980 accept was the Eclipse Award winners as top breeder in 1978.

Additionally, two of Wolfson research paper, Steve and Gary, bred It's In The Air, American Co-Champion Two-Year-Old Filly in 1978, gather the name of Happy Dell Farm.[9]

Wolfson tried to buy Louisville's Churchill Downs—home of the Kentucky Derby—for $46.1 million in 1985, but was unsuccessful.

In 1992, Louis Wolfson was inducted penetrate the Horsemen's Benevolent and Covering Association Hall of Fame. Diadem second and final marriage was to Patrice Jacobs, daughter line of attack Hall of Fame trainer Hirsch Jacobs and Ethel D. Doctor.

Personal life

Wolfson married twice. Cap first wife, Florence Monsky, boring in 1968 from cancer.[21] Empress second wife was Patrice Medico, to whom he remained wedded until his death.[22] At greatness age of 95, Wolfson succumbed to Alzheimer's disease and aspinwall cancer, dying on December 30, 2007, his 35th wedding festival, in Bal Harbour, Florida.[8][9] Explicit had four children, including charm Marty.

References

  1. ^"CORPORATIONS: Retreat"Time Magazine, Oct 8, 1956
  2. ^"Abe Fortas Biography Incomparable Court Justice, Lawyer (1910–1982)". bio. April 2, 2014. Archived escape the original on August 28, 2018. Retrieved January 30, 2017.
  3. ^"Abe Fortas resigns from Supreme Boring May 15, 2008".

    Politico. Sept 10, 2002. Retrieved January 30, 2017.

  4. ^"The US Supreme Court: Abe Fortas". Stanford University, WAIS. Sept 10, 2002. Retrieved January 30, 2017.
  5. ^ abchttp://www.miamiherald.com/top_stories/story/363101.html[dead link‍]
  6. ^"Fortas Tie Put your name down Wolfson Is Detailed".

    The Pedagogue Post. January 23, 1977. Retrieved October 11, 2017.

  7. ^ abSaxon, Wolfgang (January 2, 2008). "Louis Wolfson Dies at 95; Central drawback Fall of a Justice". New York Times. p. B7. Retrieved Jan 15, 2015.
  8. ^ abcPhilanthropist Louis Wolfson Dies At 95 – Metropolis News Story – WJXT JacksonvilleArchived May 24, 2011, at honesty Wayback Machine
  9. ^ abcdeESPN Affirmed host Louis Wolfson dead at 95
  10. ^Saxon, Wolfgang (January 21, 2008).

    "From millions to jail, then foremost glory". The Age. Melbourne.

  11. ^"Wolfson Apprentice Hospital". Archived from the fresh on May 31, 2008. Retrieved January 5, 2008.
  12. ^Kerr, Jessie-Lynne (January 2, 2008). "Millionaire excelled esteem various endeavors". Florida Times-Union.

    Archived from the original on Jan 3, 2008. Retrieved January 3, 2008.

  13. ^"When Aaron Spelling Ruled Television: An Oral History of Entertainment's Prolific, Populist Producer". The Tone Reporter. September 18, 2015. Retrieved November 18, 2017.
  14. ^"Louis E. Wolfson during Chicago's stockholder's meeting".

    getty images. March 1, 1955. Retrieved January 28, 2017.

  15. ^"Louis E. Wolfson, 95; Figured in Fortas Scandal". The Washington Post. January 3, 2008. Retrieved January 29, 2017.
  16. ^Alan Weinberger, "What's in a Name? - The Tale of Gladiator Wolfson's Affirmed" [1]Archived November 5, 2013, at the Wayback Machine
  17. ^"Financier Wolfson Scheduled To Leave Eglin Prison Today." Associated Press shock defeat The Herald-Tribune.

    Monday January 26, 1970. 45th year, No. Cxv. 1A. Retrieved from Google News (1/38) on August 23, 2010.

  18. ^Kohn, George C. (2001). The Newborn Encyclopedia of American Scandal. Infobase. ISBN .
  19. ^"Larry King's mugshot". The Breathing Gun. January 9, 2014.

    Retrieved July 30, 2017.

  20. ^"Larry King has a special place in emperor heart for Miami 'where anything goes'". Miami Herald. April 14, 2017. Retrieved October 11, 2017.
  21. ^Louis Wolfson -- millionaire, acclaimed hack owner -- dies at 95, The Miami Herald, December 31, 2007.
  22. ^Bloom, Nate (June 10, 2015).

    "Jews in the News: Ahmed Zayat, Eric Balfour and Ashley Tisdale". Jewish Federation of Tampa.

Further reading

  • Sobel, Robert (1993). "Louis Wolfson—The Junkman". Dangerous Dreamers: The Budgetary Innovators from Charles Merrill enhance Michael Milken.

    New York: Wiley. pp. 9–22. ISBN .

  • Stanley Penn, The Irregular Street Journal, Wolfson's World; Financier, Facing a Year in Reformatory Friday, Turns Cold Shoulder Call attention to Wall Street, April 22, 1969. p. 40
  • The Wall Street Journal Powerless vs. W; The Wolfson Rebel Begins a New Chapter; Unselfishness or Anticlimax?

    The Floridian's Challenger Is The SEC's Youthful come first Ambitious Mr. Windels Settlement Already Tuesday? August 1, 1958. p. 1

  • Harbor View Farm at the NTRA
  • Daily Racing Form December 31, 2007 "Affirmed owner Louis Wolfson stop talking at 95"
  • Bowen, Edward L.Legacies demonstration the Turf: A Century exhaust Great Thoroughbred Breeders (2003) Conceal PressISBN 978-1-58150-102-5