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Friday, Jun 9, 2023

Wealthiest Angelenos: 44, Gary Winnick

Net Worth: $1.33 billion

LAST YEAR: Not on list

AGE: 68


SOURCE OF WEALTH: Telecommunications, investments

THE MONEY: Winnick, who was No 1 on the list in 1999 with an estimated net worth of $6.2 billion, based mostly on holdings in Global Crossing, returns after a decade off list. Sold $734 million in stock nine months before telecom company collapsed and declared Chapter 11 bankruptcy in 2002. Last appeared in 2004 at No. 47 in wake of tech bubble bursting. Now serves as chairman of Winnick & Co., which invests in companies in variety of industries.

THE BUZZ: Started career with Michael Milken at Drexel Burnham Lambert in 1970s. Left Drexel in 1986 to start Beverly Hills private investment firm Pacific Capital Group, later renamed Winnick & Co. Pacific Capital invested in variety of vehicles, from real estate to corporate debt, including Global Crossing, which he founded in 1997. After its demise, Winnick gave $25 million to former Global Crossing employees who lost money in 401(k) plans. Also paid $55 million of $324 million settlement in 2004 with investors and employees who had filed class-action lawsuit against Winnick and other executives. Winnick & Co. has invested in a number of local tech startups. Co-hosted reception at West Hollywood’s Soho House supporting John Kasich’s presidential campaign. Noted philanthropist serves as chairman of Winnick Family Foundation, launched in 1983. Organization has given to Cedars-Sinai Medical Center, Skirball Cultural Center, and Simon Wiesenthal Center, among others.

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