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Just a few years ago, Leon Black -- the leader of private equity operator Apollo Group – was a master of the universe. In fact, he got his start by working with the master of the universe of the 1980s, Mike Milken.
Interestingly enough, Black made a fortune when the junk bond market imploded in the early 1990s. He knew what investments were good -- and scooped them up. So, with his penchant for distressed investments, it seems that the current environment would be ideal for Black?
Maybe not.
Today's New York Times includes a detailed piece on Black's many missteps. For example, one of Apollo's investments -- Linens 'n Things – has gone bust. Moreover, it looks like there is trouble with other portfolio holdings, such as Harrah's, Claire's, and Realogy.
There are even lawsuits. For example, the buyout of Huntsman (NYSE: HUN) went to court and now Apollo is required to do the deal. Something else: Black's long-time friend, Carl Icahn, is suing over a deal.
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