“"Many years ago, our company founder, Al Conklin, sold a new twin-engine business aircraft to a very successful entrepreneur. He had established a bit of a rapport with the individual and, after the sale, asked him straight out, 'How can you justify the cost of this airplane?' His reply? 'What is the cost of a divorce?'"–David Wyndham, president, Conklin & de Decker”
Teddy Forstmann, Who Revived Gulfstream, Dies at 71
Theodore Forstmann, the private equity investor credited with turning around Gulfstream Aerospace, died Nov. 20 at age 71. His investment firm, Forstmann Little & Company, acquired Gulfstream in 1990 for $800 million. When the Savannah, Ga.-based aircraft manufacturer began experiencing financial difficulties, Forstmann took a hands-on approach and appointed himself chairman and CEO. During his seven-year tenure, he revamped the management team, created new product lines, introduced aircraft fractional ownership and launched the then-flagship GV. Forstmann sold Gulfstream to General Dynamics for $5.6 billion in 1999. In addition to being a founding partner of Forstmann Little, he was chairman and CEO of IMG, a global sports and media company.