Billionaire distressed asset investor Wilbur Ross had to make a very tough call recently, according to the New York Post.
In a flurry of activity, Ross cut in half his 20 percent take of any eventual profit from his holding company, WL Ross Holding, to avoid its liquidation. Ross also managed to postpone a shareholder vote to put $10 million more into the $623 million investing vehicle's stock and to move closer to securing the takeover of Nexeo Solutions, the Post said Tuesday.
Ross' vehicle is a "special purpose acquisition company," or SPAC, meaning that it is automatically liquidated if it doesn't invest its assets after two years.
The vehicle's liquidation "would have some effect" on future fundraising, he told the newspaper.