The money and the buzz on each of L.A.’s wealthiest.
THE MONEY: Got busy during economic downturn with buyout firm Platinum Equity, completing 10 deals. Turns around distressed businesses by first cutting costs. Told Mergers & Acquisitions he is “already seeing” results. Saw return after selling stake in Broadleaf building materials company.
BUZZ: Sometime producer bidding with billionaire brother Alec for Walt Disney’s Miramax film division. Despite successes, attracted more attention in past year for high-profile failures. Last summer, Platinum reached multibillion-dollar deal to buy bankrupt auto parts maker Delphi Corp. that was thrown out in favor of separate deal negotiated by Delphi’s creditors. Platinum also made play for Boston Globe before newspaper’s parent decided not to sell. Platinum already in newspaper industry after March 2009 purchase of San Diego Union-Tribune. Born in Israel, raised in Flint, Mich., Gores attended Michigan State University. Joined brother Alec’s private equity firm Gores Group before splitting off in 1995 to form Platinum, which has completed nearly 100 acquisitions. Known to put own money into Platinum’s deals.
• NET WORTH: $2.4 billion +7%
• LAST YEAR: $2.25 billion
• AGE: 45
• RESIDENCE: Beverly Hills
• SOURCE OF WEALTH: Private equity
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