Wilbur Ross Billionare

Wilbur Ross or Wilbur L Ross, Jr has been named by the Forbes magazine as one of the few billionaires who is an investor for reorganizing and rejuvenating companies in steel, coal, telecommunications, foreign investment and textiles industries who failed with their operational goals. He is a master in leveraged buyouts.

Wilbur Ross is a member and past director of the Turnaround Management Association. He is also a member of the American Bankruptcy Institute. Ross spent his boyhood in a well-settled family in suburban New Jersey. He is on the Yale School of Management advisory board. His second wife was former New York Lt. Governor Betsy McCaughey Ross. She was divorced in 2000.Ross started in the mid-70s, and made his reputation as the country's leading bankruptcy adviser. Ross cleared up the messy accounts of Michael Milken's junk-bond financings and by 1997 he wanted to do more. For three years he continued a private-equity fund within Rothschild.

In 2000, Wilbur Ross bought out his equity fund from his partnership with Rothschild and opened WL Ross & Co. in New York. The money invested amount to $440 million. He started of with only four top managers from the previous company who, along with Ross, make up the firm's investment committee. Ross formed International Textile Group by combining Burlington Industries and Cone Mills in 2004. The ITG operates five businesses under separate brand names. These are Cone Denim, Burlington Apparel Fabrics, Home Furnishings, Carlisle Finishing and Nano-Tex LLC. The company has come upon a $150 million credit facility led by Bank of America. Other lenders in the group include GE Capital Corporation and The CIT Group.

Wilbur Ross invested in 25% of Oxford Automotive, a French company. International Coal Group was also founded by Ross, which has now issued public shares. Ross used to travel two hours a day from New Jersey to attend the Catholic Xavier High School in Manhattan. He was the captain of the rifle team and secured his B.A. from Yale College. At Yale, was editor of a literary magazine and worked at the radio station. At Yale he got his first summer job on Wall Street and earned his M.B.A. at Harvard Business School.

Wilbur Rossbelieved to have had impeccable business sense and basically it is his acumen and knack of financials that made him one of the wealthiest tycoons of all times. An interesting fact about him is that he is the master investor who is well remembered for revitalizing many sick units. Wilbur Ross