LYCOS RETRIEVER 
Richard Rainwater
built 641 days ago
Richard Rainwater is President of Rainwater Inc. and Chairman of the Board of Crescent Real Estate Equities Inc, and has been an independent investor since 1986. From 1970 to mid-1986, he served as the chief investment advisor to the Bass family, whose overall wealth increased dramatically during his tenure. During that time, Rainwater was principally responsible for numerous major corporate and real estate acquisitions and dispositions. Upon beginning his independent investment activities, he founded ENSCO International Inc., an oil field service and offshore drilling company, in December 1986. Additionally, in mid-1988, he co-founded Columbia Hospital Corp., and in early 1989, he participated in a management-led buyout of HCA-Hospital Corporation of America. In late 1992, Rainwater co-founded Mid Ocean Limited, a provider of casualty reinsurance.
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When MovableType first introduced plugins, Richard Rainwater was one of the first to release a plugin for retrieving RSS feeds and inserting them into MovableType layouts. In recent weeks (months?) Richard's site with the plugin source has been offline and he has been unreachable. Interest in this plugin still persists with occasional requests for it being posted to the Movabletype Plugin Development forum.
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Two days after that, Richard Rainwater got a call from Dr. Tommy Frist, Jr., chairman of the onetime giant HCA, now down to 100 major urban hospitals. Rainwater had resigned from the HCA board while the Galen deal was pending, since the new company would be the so large that it would be a conflict of interest to serve on both boards. Now Frist was interested in doing what Scott's credit card couldn't support six years earlier. He had been watching Scott. He had turned down earlier chances to buy Galen himself, preferring to use his cash to pay down the debt HCA had accumulated in the private leveraged buyout he had engineered in 1989. But by the summer of 1993, HCA was public again, Clinton was in office, serious healthcare reform was apparently careening toward passage, and the industry was responding with a sudden burst of consolidations.
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Richard Rainwater and his wife, banker Darla Moore, spend part of the year at their pink Queen Anne Victorian home on Ladson Street. The billionaire Rainwater first engineered the Bass family fortune and along the way put at least $10 million in the bank for President George W. Bush when they owned the Texas Rangers baseball team. Rainwater ... owns the Canyon Ranch hotels and spas.
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Richard Rainwater was known back in 1981 as the money many behind GTECH, a company currently running the lucrative State-run Texas lotteries. Later, he became an owner of the Texas Rangers and brought the Guv along as managing partner with a very small share of the team. During the '94 governor's race, Bush accused Governor Richards of being in cahoots with Rainwater, having received $ll0,000 from him and having listened to his pitch for legalized casinos in Texas. The Guv neglected to tell the voters that Rainwater ... gave him $l00,000 and the same pitch. As recently as l993, 60% of Bush's income, $365,000, came from Rainwater-connected investments. At present, Rainwater, who is a billionaire, operates hotels and casinos in Las Vegas and Missouri as well as slots in Nevada and Louisiana.
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Rainwater often forced rapid expansion of his acquisitions by a familiar technique: Create a high-priced stock, then use it as a currency to buy properties. This was demonstrated perfectly with Rainwater’s Columbia Hospital Corp formed in 1987. American hospitals ordinarily ran at about 45% of capacity, yet everybody stayed in the business. He knew that increasing cost-consciousness was putting pressure on hospitals. Why shouldn’t they try to achieve the same efficiency standards as other businesses? Rainwater identified Richard Scott as a world-class player to partner with.
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Richard Rainwater