Wednesday, May 29, 2013

Former Goldman partner to hit the comeback trail

From Dealbook: On Wall Street, the wheel of fortune can spin around and around, from enormous cash bonuses and luxurious perks one year to the unemployment line the next.

Then there is Fred Eckert, a onetime Goldman Sachs partner who soared as a star in “vulture” investing in ailing companies. But in the turmoil of the financial crisis, his business and wealth came crashing down. By 2011, he was bankrupt, divorced and, for two months, in a coma.

Today, he is in better shape, earning $1 million a year from a consulting job, although that expires next year. But most of his income is dedicated to paying leftover debts — he says he is running at “break-even at best” after expenses.  Now Eckert, 65, is planning to return to the arena. He says he has shed 25 pounds from his peak of 220 and has given up drinking. His cashmere overcoat may be rumpled, but his confidence is high. Eckert is trying to start a new money management business by raising up to $100 million. The new company’s name — Phoenix Star Capital.

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