Saturday, November 19, 2011

The Fight of Richard Rainwater's Life

The renowned dealmaker built a fortune using little besides his wits. Now he's funding a crash program to stop the disease that's destroying his mind.

In March 2009, Dr. Bruce Miller, head of the Memory and Aging Center at the University of California's medical school in San Francisco, received a call from a doctor in New York City, asking him to see a patient named Richard Rainwater.

A behavioral neurologist and scholar of dementia, Miller had never heard of Rainwater, a silver-haired Texas billionaire and a legend in the world of dealmaking. But he was accustomed to such calls. Decades of research into the human brain had made him a go-to man for the rich and powerful with neurological mysteries.

PSP is a fast-moving, degenerative brain disease, with no treatment and no cure. The typical life expectancy from diagnosis: 4 1⁄2 years. "In the world I live in," the doctor told Rainwater's friends and family, "this is the worst disease I see."

Of all life's cruelties, it seems especially tragic that Richard Rainwater would suffer from this affliction. Rainwater is a self-made billionaire, a Texas incarnation of the Horatio Alger story. But he hasn't built a chain of discount stores or a computer company or even a private equity firm to leave behind. No, Rainwater's business genius has always been his energy and imagination -- his uncanny ability to see where the world is going and find a way to exploit that turn. It was his personal magic that made big deals happen: his ability to pick the right opportunity, the right partners, the right CEO, and then to provide inspiration. The billion-dollar edifice he built was all in his head.

And now it's crumbling away.

Today Rainwater requires 24-hour care. He is unable to walk unassisted. He has trouble swallowing. His speech is almost impossible to understand. "Of anybody I ever met, Richard was the most charismatic, the most outgoing, most hands-on, huggy, high-fiving, jumping-up-and-down, vivacious executive," says Michael Eisner, whom Rainwater helped install as CEO of the Walt Disney Co. (DIS) "And then to have him relegated to this condition that incapacitates him? It's the irony of human existence."

In the months after Rainwater's diagnosis, his 73-year-old brother, Walter, with help from the billionaire's private security team, served as his primary caregiver. Round-the-clock nursing care was later brought in, and Rainwater's three children rallied around him, with his youngest son, Matthew, relieving Walter at his side.

In March 2011, the issue of who calls the shots -- for Rainwater and his money -- moved into court. Rainwater's estate lawyer filed a petition in probate court in Fort Worth, seeking to declare him incapacitated and requesting the appointment of Matthew as his legal guardian. Under Texas law, a spouse is first in line to fill such a role. But Rainwater had signed a written designation expressing his preference for his son's appointment.

Ultimately, Moore says, everyone agreed to the selection of Matthew, who was granted limited powers after being named temporary guardian of his father's "person and estate." The guardianship resolved shared family concerns that someone might encourage Rainwater, in his diminished state, to rewrite his will. It also clarifies who would be allowed to make immediate medical decisions for him, should a crisis develop.

It is unclear precisely how contentious the probate case has been. To keep the matter confidential, it was filed under Rainwater's initials, titled "In the matter of Guardianship of R.E.R., an Incapacitated person." Citing family privacy concerns, a judge ordered the entire case file sealed, and no one directly involved is eager to talk about it. But a docket sheet obtained by Fortune shows substantial activity, listing multiple contested motions, several court hearings, and an order subjecting Rainwater to an independent medical examination.

Full Article and Source:
The Fight of Richard Rainwater's Life

8 comments:

StandUp said...

There's lots of money to be made from this man's unfortunate incapacity. And it appears his family is clueless.

Thelm said...

An interesting and touching story. Will it follow the way of all others in probate court - assets eaten up by the lawyers?

Sue said...

Heart breaking turn of events that Richard tried to prepare for. Richard is in my thoughts and prayers that those who have his life and his estate in their control do all they can to preserve his estate for his care and distributed as he intended.

I hope this isn't going to go the way of many other cases where the lawyers end up with most if not all of Richard's life savings.

God Bess

jerri said...

the fight of his life for sure so sad to know the suffering he is going through warning to his family to those who are truly care about him not to get tangled up with the sharks all they need is one drop of blood ie $ and the pool will be overflowing with lawyers who dream of billing billing billing richard would not want his hard earned money to be thrown into the bloody waters what a waste and that makes this even harder to accept very best to you richard

Anonymous said...

If Mr. Rainwater had no money, his attorney, sone, wife, et al wouldn't give a damn. SEaling the files is the only way for the court to secretly churn his assets, until we learn, the next story I'm certain, is that Mr. Rainwater was placed in a pauper's bed. God bless him and his family and all of us fighting guardianship abuse, a 'big-business': no wonder Fortune Magazine covered the story!

Anonymous said...

Very sad story my wish is Richard wins this the fight of his life while he finds comfort and much satisfaction in knowing his life was worthwhile contributing to our country.

Kay said...

I'm afraid with all of Mr. Rainwater's money, he's a sitting duck for lawyers to bill, bill, bill. And the judge will get out the big rubber stamp and approve of all of it.

Mr. Rainwater contributed a lot to society and he deserves better.

Anonymous said...

Richard Rainwater is no longer sittin pretty... Rainwater has now been placed under a guardianship in Tarrant County and is the next victim in Judge Pat Ferchill's Tarrant County court. Once all the Probate attorneys fees get paid by what Judge Ferchill determines is fair and just Rainwaters fortune could soon disappear leaving him broke. This is such a shame, the man the made Fort Worth great will be raped by the probate courts of Tarrant County.