The Patriarch Partners founder no longer has to choose between certain time-consuming duties at work and the more rewarding exercises like having photographers trail her on the beach wearing ripped white jeans and referring to herself as and "island girl", and hash-tagging the hell out of the words “warrior,” “fighter,” “ladyboss,” “sheforall,” “jobs,” “life,” “love,” “laughter,” and “fightlikeagirl.”:
Lynn Tilton said Friday that her Patriarch Partners LLC is stepping down from its role as collateral manager at the investment funds that feed liquidity to her portfolio of troubled companies. The move comes amid a bruising legal fight with bond insurer MBIA Insurance Corp. over Ms. Tilton’s attempt to force one of the funds, Zohar-I into an involuntary bankruptcy proceeding. It signals a major change in direction for Ms. Tilton’s $2.5 billion distressed debt empire that, until this point, included the investment funds that backed loans to Patriarch’s portfolio businesses, the businesses themselves and Ms. Tilton’s management operation. Patriarch will operate as a “family office and private equity company for the portfolio of businesses,” according to the statement. Ms. Tilton said she will be focusing on managing and leading the more than 70 businesses in the Patriarch Partners portfolio. The funds also own stakes in the businesses.