Fortress Investment Group

When Fortress launched on the NYSE in February 2007, the firm was the first large private equity firm in the US to be traded publicly. In December 2017, Fortress was fully acquired by SoftBank Group, was delisted, and returned to being a privately held company.

Fortress manages $44.7 billion of assets under management as of June 30, 2023, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.{{cite web|url=https://news.nfg.com/nassau-financial-group-and-fortress-investment-group-enter-into-strategic-partnership-2/|title=Nassau Financial Group and Fortress Investment Group Enter into Strategic Partnership|website=Nassau News|date=September 5, 2023|access-date=October 12, 2023}}

In May 2023, Mubadala Investment Company agreed to acquire a majority stake in Fortress from Softbank for an undisclosed sum.{{Cite web |date=2023-05-22 |title=Fortress Management and Mubadala to Acquire Fortress Investment Group |url=https://www.businesswire.com/news/home/20230522005259/en/Fortress-Management-and-Mubadala-to-Acquire-Fortress-Investment-Group |access-date=2023-12-06 |website=www.businesswire.com |language=en}} The following year, in partnership with Fortress management, Mubadala completed the acquisition of the company.{{Cite web|url=https://www.fortress.com/media/2024-05-15-fortress-management-and-mubadala-complete-acquisition-of-fortress-investment-group|title=Fortress Management and Mubadala Complete Acquisition of Fortress Investment Group|work=Fortress Investment Group|date=2024-05-15|access-date=2024-06-06|language=en}}

Fortress Investment Group LLC was founded in 1998 in New York City as a private equity firm in 1998 by Wesley R. Edens, a former partner at BlackRock; Rob Kauffman, a managing director at UBS; Randal A. Nardone, also a managing director at UBS; Michael Novogratz, a former partner at Goldman Sachs; and Pete Briger, also a former partner at Goldman Sachs.{{cite magazine|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=666715|archive-url=https://archive.today/20130628202416/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=666715|url-status=dead|archive-date=June 28, 2013|title=Company Overview of Fortress Investment Group LLC|magazine=Businessweek|access-date=4 June 2013}}{{cite web |url=https://www.bloomberg.com/quote/FIG:US/profile |archive-url=https://web.archive.org/web/20120306110608/http://www.bloomberg.com/quote/FIG:US/profile |url-status=dead |archive-date=March 6, 2012 |title=Company Profile for Fortress Investment Group LLC |publisher=Bloomberg L.P. |access-date=4 June 2013}} The firm quickly expanded into hedge funds, real estate-related investments and debt securities, with Michael Novogratz leading the hedge fund strategy and Peter Briger, also a former Goldman Sachs partner, overseeing the credit and real estate-related investments.{{Cite magazine|url=https://www.vanityfair.com/news/2009/04/fortress-group200904-2|title=Bethany McLean on the Fortress Group|last=McLean|first=Bethany|magazine=Vanity Fair|date=4 March 2009|language=en|access-date=2020-03-24}}

Fortress's investments grew rapidly, with its private equity funds netting 39.7% between 1999 and 2006.{{cite news|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=a2II4O2ID4SU&refer=home|title=Fortress Investment's Shares Soar After Initial Sale|work=Bloomberg|date=2007-02-09|access-date=2007-02-10}} When Fortress launched on the NYSE on February 9, 2007, with Goldman Sachs and Lehman Brothers underwriting the IPO, it was the first large private equity firm in the United States to be traded publicly.{{cite news |title=How Private Equity Found Power and Profit in State Capitols |date=14 July 2016 |newspaper=The New York Times |last1=Protess |first1=Ben |last2=Silver-Greenberg |first2=Jessica |author-link2=Jessica Silver-Greenberg |last3=Abrams |first3=Rachel |url=https://www.nytimes.com/2016/07/15/business/dealbook/private-equity-influence-fortress-investment-group.html |url-access=subscription |archive-url=https://web.archive.org/web/20160714101901/https://www.nytimes.com/2016/07/15/business/dealbook/private-equity-influence-fortress-investment-group.html |archive-date=2016-07-14 |url-status=live}}{{cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2007/02/09/AR2007020901892.html|title=In a First, Hedge Fund Launches on NYSE|work=Associated Press via Washington Post|date=February 9, 2007|access-date=December 24, 2016|first=Dan|last=Seymour}} In the wake of the economic downturn of 2008, Forbes included Wesley Edens (and two other Fortress principals) among its "biggest billionaire losers of 2008", noting that Edens had "watched his fortune dwindle as investor redemption soared at the company's flagship fund".Duncan Greenberg, [https://archive.today/20120731091429/http://www.forbes.com/2008/12/16/billionaires-adelson-casino-biz-billies-cz_dg_1216biggestlosers.html "America's Biggest Billionaire Losers Of 2008], Forbes, December 16, 2008 (retrieved March 12, 2009). Fortress and its principals were subsequently featured in an April 2009 Vanity Fair article on the adverse economic conditions facing hedge funds.{{cite web|url=http://www.vanityfair.com/politics/features/2009/04/fortress-group200904-2|title=Over the Hedge|access-date=September 28, 2013|date=April 2009|work=Vanity Fair|author=McLean, Bethany}}

In 2014, Fortress was named "Hedge Fund Manager of the Year" by Institutional Investor and "Management Firm of the Year" by HFMWeek. Fortress has previously been recognized by Institutional Investor as “Discretionary Macro-Focused Hedge Fund of the Year” for 2012, and “Credit-Focused Fund of the Year” for both 2011 and 2010.{{cite web|url=http://shareholders.fortress.com/file.aspx?IID=4147324&FID=24248647|title=Fortress Investment Group Named Institutional Investor's Hedge Fund Manager of the Year|publisher=Fortress Investment Group LLC|access-date=31 December 2014|archive-date=19 January 2016|archive-url=https://web.archive.org/web/20160119102832/http://shareholders.fortress.com/file.aspx?IID=4147324&FID=24248647|url-status=dead}} In Autumn 2014, Fortress hired Jeff Feig, formerly the Global Head of Foreign Exchange at Citigroup to join Novogratz as co-CIO of the Fortress Macro Fund.{{cite news|url=https://www.reuters.com/article/us-citigroup-forex-feig-idUSKBN0ES21S20140617|work=Reuters|title=Citigroup FX chief Jeff Feig leaving bank for Fortress|date=17 June 2011|access-date=5 April 2017}} As of October 13, 2015, the company announced that the $2.3 billion Macro Fund was to close down and distribute its assets to investors. This development came after Feig stepped down as co-CIO of the fund in July 2015.{{cite news|url=https://www.reuters.com/article/hedgefunds-fortress-cio-idUSL1N0ZM17920150706|work=Reuters|title=Fortress macro fund co-investment chief Jeff Feig leaving firm|date=6 July 2015|access-date=5 February 2017}} According to the firm, Novogratz, the remaining CIO, was expected to retire from the firm by the end of 2015.{{cite web|url=http://shareholders.fortress.com/file.aspx?IID=4147324&FID=31438202/|title=Fortress Announces Closing of Fortress Macro Fund|publisher=Fortress|access-date=2 December 2015}}{{Dead link|date=April 2019 |bot=InternetArchiveBot |fix-attempted=yes }} As of June 30, 2016, Fortress Investment Group had four core businesses totaling approximately $70.2 billion of assets under management: private equity, credit, liquid markets{{cite news |url=https://www.reuters.com/finance/stocks/companyProfile?symbol=FIG.N |archive-url=https://web.archive.org/web/20080924192628/http://www.reuters.com/finance/stocks/companyProfile?symbol=FIG.N |url-status=dead |archive-date=September 24, 2008 |title=Fortress Investment Group LLC (FIG.N) |work=Reuters |access-date=4 June 2013}} and traditional asset management (Logan Circle Partners was acquired in April 2010).{{Cite web |last=1. Barlyn, 2. French |first=1. Suzanne 2. David |date=July 7, 2017 |title=MetLife says to buy bond fund manager Logan Circle for $250 million |url=https://www.reuters.com/article/idUSKBN19T014/ |website=www.reuters.com/}}

On February 14, 2017, SoftBank Group agreed that it would buy Fortress Investment Group LLC for $3.3 billion.{{Citation

| last1 =Hoffman

| first1 = Liz

| last2 =Jenny

| first2 =Strasburg

| last3 =Sarah

| first3 =Krouse

| date =February 14, 2017

| title =SoftBank to Buy Fortress Investment Group for $3.3 Billion

| publisher = The Wall Street Journal

| url =https://www.wsj.com/articles/softbank-nears-deal-to-buy-fortress-investment-group-for-more-than-3-billion-1487112978

| access-date = February 15, 2017}}{{Cite news|url=https://techcrunch.com/2017/02/14/softbank-confirms-3-3b-acquisition-of-fortress-investment-group/|title=SoftBank confirms $3.3B acquisition of Fortress Investment Group|last=Ingrid|first=Lunden|date=February 15, 2017|work=TechCrunch|access-date=March 24, 2018}} The SoftBank acquisition was completed in the last week of December,{{cite news |last=Roumeliotis |first=Greg |date=January 3, 2018 |title=Exclusive: Apollo nears deal for Fortress' stake in OneMain - sources |url=https://www.reuters.com/article/us-apollo-glo-mgmt-onemain-holdings/exclusive-apollo-nears-deal-for-fortress-stake-in-onemain-sources-idUSKBN1ES234 | work=Reuters |access-date=January 15, 2018}} with Fortress being delisted from the New York Stock Exchange, and returned to being a privately held company.{{cite press release |title=SoftBank Group Completes Acquisition of Fortress Investment Group |date=2017-12-27 |agency=Sard Verbinnen & Co |publisher=Business Wire |url=https://www.businesswire.com/news/home/20171227005358/en/ |access-date=2023-02-23}}

In the wake of the Harvey Weinstein sexual assault scandal, in late October 2017, it was reported that Fortress Investment Group was in talks to provide a loan to Weinstein Co.{{cite news |last1=Fritz |first1=Ben |date=October 25, 2017 |title=Colony Capital's Talks to Acquire Weinstein Co. Hit Snag |url=https://www.wsj.com/articles/colony-capitals-talks-to-acquire-weinstein-co-hit-snag-1508978325 | work=Wall Street Journal |location=New York City, United States |access-date=October 26, 2017}} In December 2017, Fortress Investment Group loaned $100 million to the medical startup Theranos. Theranos had reportedly been on the verge of bankruptcy, with the loan to keep them solvent through 2018.{{cite news |last=Carreyrou |first=John |date=December 24, 2018 |title=Blood-Testing Firm Theranos Gets $100 Million Lifeline From Fortress |url=https://www.wsj.com/articles/blood-testing-firm-theranos-gets-100-million-lifeline-from-fortress-1514057523 | work=The Wall Street Journal |access-date=January 15, 2018}}{{cite news |last=Morris |first=David Z. |date=December 23, 2017 |title=Theranos Secures $100 Million in New Funding from Fortress Capital |url=http://fortune.com/2017/12/23/theranos-secures-100-million-in-new-funding-from-fortress-capital/ | work=Fortune |access-date=January 15, 2018}}{{cite news |last=Sheetz |first=Michael |date=December 26, 2017 |title=Theranos dodges bankruptcy after $100 million loan: Report |url=https://www.cnbc.com/2017/12/26/theranos-dodges-bankruptcy-after-100-million-loan-report.html | work=CNBC |access-date=January 15, 2018}} At the time, Fortress also had "underdog" bets in a private passenger rail line in Florida. By January 3, 2018, the company had divested itself of Florida East Coast Railway and Logan Circle Partners. It remained the parent company of the Brightline passenger rail in Florida, which is the only privately owned and operated passenger railroad in the United States.{{cite news |last=Broadt |first=Lisa |date= January 12, 2018|title=First ride: Aboard Florida's new Brightline train |url=http://www.king5.com/article/news/nation-now/first-ride-aboard-floridas-new-brightline-train/465-68db180d-2ac3-4a0e-bb47-3e364b8528c4 | work=King5 |access-date=January 15, 2018}} Fortress Investment Group is also investing in the construction of Brightline West, a high speed rail route between Las Vegas and Southern California. The route is being advertised as “A Brightline Company.” On January 3, 2018, it was reported that Fortress was nearing a deal to sell its stake on OneMain to Apollo Global Management. The agreement was announced on January 5, with Varde Partners also taking part in the purchase.{{cite news |date=January 5, 2018 |title=Apollo Global Partners With Varde to Buy Stake in OneMain |url=http://www.nasdaq.com/article/apollo-global-partners-with-varde-to-buy-stake-in-onemain-cm901009 | work=Nasdaq |access-date=January 15, 2018}}

In 2020, Fortress Investment increased its bid for Japanese company Unizo to roughly $1.6 billion.{{Cite web|url=https://www.law360.com/articles/1238678/fortress-investment-makes-1-6b-offer-for-unizo|title=Fortress Investment Makes $1.6B Offer For Unizo - Law360|website=www.law360.com|language=en|access-date=2020-01-31}}{{Cite news|url=https://www.reuters.com/article/us-unizo-m-a-fortress-idUSKBN1ZS0RQ|title=Softbank-backed Fortress Investment raises offer for Japan's Unizo|date=2020-01-29|work=Reuters|access-date=2020-01-31|language=en}} In 2021, Fortress failed in a takeover bid for UK supermarket chain Morrisons.

In 2023, Mubadala Investment Company announced that it would acquire majority of stake in Fortress.{{cite news | url=https://www.reuters.com/markets/deals/abu-dhabis-mubadala-buy-majority-stake-fortress-investment-softbank-2023-05-22/ | title=Abu Dhabi's Mubadala to buy majority stake in Fortress Investment from SoftBank | newspaper=Reuters | date=22 May 2023 }} Mubadala was to acquire 60% stakes for $3 billion from the SoftBank Group. The deal was expected to close by early 2024, and would leave Mubadala with total 70% stakes in Fortress. However, the investment deal was being scrutinized by the Committee on Foreign Investment in the United States (CFIUS). Mubadala's intended investment was a concern for the US over the UAE's growing relations with China. In early 2019, Mubadala took 10% percent stake of Fortress, which had gotten clearance for purchase from CFIUS.{{Cite news |last1=Massoudi |first1=Arash |last2=Sevastopulo |first2=Demetri |date=2023-07-24 |title= US security officials scrutinise Abu Dhabi's $3bn Fortress takeover |language=en |work=Financial Times |url=https://www.ft.com/content/a8f3b524-ff45-4935-96da-cc08bd32e138 |access-date=2023-08-08}}

On May 10, 2024, the Financial Times reported the Abu Dhabi sovereign investor Mubadala Capital's $3 billion bid for New York-based Fortress Investment Group has cleared significant U.S. regulatory hurdle after the parties agreed to important concessions. The Committee on Foreign Investment in the United States (CFIUS) approved Fortress' sale of a majority equity interest to Mubadala, the newspaper said, citing three people familiar with the matter.

The approval comes as Mubadala agreed to let Fortress commit to keeping technology and data in the U.S. after it earlier pledged to waive day to day control over the investment group, the report said, adding that the concession comes amid Washington's increased focus on protecting US intellectual property.

CFIUS and Mubadala did not immediately respond to a Reuters request for comment, while Fortress declined to comment on the report. After the deal is completed, Fortress' management will own a 30% stake, with Mubadala owning 70%.{{Cite news |date=May 10, 2024 |title=Mubadala Capital's $3 bln Fortress bid clears key US regulatory hurdle, FT reports |url=https://www.reuters.com/markets/deals/mubadala-capitals-3-bln-fortress-bid-clears-key-us-regulatory-hurdle-ft-reports-2024-05-10/}}

On May 15, 2024, it was announced that Mubadala and Fortress management had completed the purchase of the company.

In 2006, Fortress-managed funds acquired Canadian ski resort operator Intrawest, North America's largest ski resort operator that also operated luxury adventure travel brands such as Abercrombie & Kent, which was sold in August, 2016.{{citation needed|date=November 2010}}{{citation |url=https://www.theglobeandmail.com/report-on-business/fortress-keeps-grip-on-intrawest/article1365361/ |archive-url=https://web.archive.org/web/20131121144734/http://www.theglobeandmail.com/report-on-business/fortress-keeps-grip-on-intrawest/article1365361/ |title=Fortress keeps grip on Intrawest |first=David |last=Ebner |location=Vancouver |work=The Globe and Mail|date=March 2, 2010 |archive-date=November 21, 2013 |access-date=December 24, 2016}}

In November 2006, RailAmerica announced that a Fortress-managed fund would acquire the company, offering $16.35 per share (a 32% premium). The transaction was completed in February 2007. Fortress later sold RailAmerica via initial public offering in October 2009.

In May 2007, Florida East Coast Industries (FECI), parent company of Florida East Coast Railway (FEC), announced that following a unanimous vote of the FECI Board of Directors, a Fortress-managed fund would acquire FECI in a transaction valued at $3.5 billion.{{cite book|author=Stephen Todd Walker|title=Wave Theory For Alternative Investments: Riding The Wave with Hedge Funds, Commodities, and Venture Capital|url=https://books.google.com/books?id=QqZs5y3mrj4C&pg=PA366|access-date=2 August 2011|date=7 January 2011|publisher=McGraw-Hill Professional|isbn=978-0-07-174286-3|page=365}}{{cite press release|url=http://phx.corporate-ir.net/phoenix.zhtml?c=64379&p=irol-newsArticle&ID=997164&highlight=|archive-url=https://archive.today/20120730041026/http://phx.corporate-ir.net/phoenix.zhtml?c=64379&p=irol-newsArticle&ID=997164&highlight=|url-status=dead|archive-date=2012-07-30|publisher=Florida East Coast Industries|date=2007-05-08|title=Florida East Coast Industries to Be Acquired By Funds Managed By Fortress Investment Group LLC in an All-Cash Transaction Valued at $3.5 Billion|access-date=2007-05-11}} The Surface Transportation Board approved the transaction in September 2007. Although RailAmerica operated FEC for a time, the two were never merged, and after the RailAmerica IPO Fortress retained FEC. Florida East Coast Railway was sold to Mexican transportation company GMéxico Transportes S.A. de C.V. (GMXT), a unit of Grupo Mexico in 2017.{{cite news |last1=Basch |first1=Mark |title=Florida East Coast Railway sold to Mexican transportation company |url=https://www.jaxdailyrecord.com/news/2017/mar/28/florida-east-coast-railway-sold-mexican-transportation-company/ |access-date=23 September 2023 |publisher=Jacksonville Daily Record |date=March 28, 2017}}

In June 2007, Fortress announced that it would partner with Centerbridge Partners to acquire Penn National Gaming, an operator of casinos and horse racing venues, for $6.1 billion. Penn National shareholders were to receive $67 cash for each share. In July 2008, Fortress backed away from the agreement amidst the uncertain economic climate. Under the termination agreement, Penn National received $1.475 billion, consisting of a breakup fee of $225 million and an interest-free $1.25 billion loan from Fortress, Centerbridge, Wachovia and Deutsche Bank. Fortress co-chairman Wesley Edens assumed a seat on the board of Penn National as part of the agreement.{{cite web|url=https://www.usatoday.com/money/industries/2007-06-15-penn-private_N.htm?csp=34|title=Penn National Gaming agrees to $6.1B deal - USATODAY.com|work=usatoday.com}}{{cite news|url=https://www.reuters.com/article/companyNewsAndPR/idUSWNAS024420080703|title=Penn National says takeover deal terminated|work=Reuters|date=3 July 2008|last1=McSherry|first1=Jessica Hall}}

Fortress has taken several of its portfolio companies public, such as Aircastle Ltd., Brookdale Senior Living Inc., GAGFAH and RailAmerica, Inc.

Fortress has said it lost $125 million purchasing fraudulent promissory notes from Marc Dreier, who had been operating a Ponzi scheme. Fortress filed a lawsuit against the law firm Dechert in an attempt to recover the loss.{{cite news|url=http://dealbook.blogs.nytimes.com/2009/12/22/fortress-files-suit-against-law-firm/?scp=1&sq=dechert&st=cse|work=The New York Times|title=Fortress Files Suit Against Law Firm|date=December 22, 2009|access-date=May 2, 2010}} The lawsuit was filed in New York state court, alleging Dechert issued a "false" legal opinion letter that Dreier used to defraud Fortress.{{cite web|url=http://www.opalesque.com/fullarticle/56444/fortress/Legal_sues_law_firm436.html|title=Fortress sues law firm Dechert over Dreier loss|date=22 December 2009|author=Opalesque}}

Fortress's private equity investment portfolio includes Aircastle Limited, Alea Group Holdings (Bermuda) Ltd., AMRESCO, Boxclever, Capstead Mortgage Corporation, CW Financial Services, Eurocastle Investment Limited, Flagler, Florida East Coast Railway, GAGFAH, GateHouse Media, Inc., Global Signal, Inc., Green Tree Servicing LLC, Holiday Retirement, Intrawest, Italfondiario, Kramer Junction, Mapeley Limited, MBS Holdings, MS Hub, Nationstar Mortgage LLC, Penn National Gaming, Inc., Prime Retail, RailAmerica, RESG, Seacastle Inc., Simon Storage, Springleaf Financial, Umami Burger, and IPCom GmbH & Co. KG.{{cite news|last=Lacter |first=Mark |title=Umami Burger shuts first store, picks up more investors for expansion |date=February 26, 2013 |work=LAObserved.com |url=http://www.laobserved.com/biz/2013/02/umami_burger_shuts_f.php |archive-url=https://web.archive.org/web/20130602090344/http://www.laobserved.com/biz/2013/02/umami_burger_shuts_f.php |archive-date=June 2, 2013 |url-status=live }}

In January 2014, Fortress was the winning bidder for the assets of the Montreal, Maine and Atlantic Railway, a line bankrupted after the July 6, 2013 Lac-Mégantic derailment of a runaway train loaded with crude oil obliterated much of historic downtown Lac-Mégantic, Quebec, causing 47 fatalities.{{cite news|url=http://www.cbc.ca/news/canada/montreal/lac-m%C3%A9gantic-disaster-s-mm-a-sold-to-florida-great-lakes-partners-1.2504711 |title=Lac-Mégantic disaster's MM&A sold to Florida Great Lakes Partners |publisher=CBC Montréal |date=2014-01-21 |access-date=2014-04-25}} In March 2014, John E. Giles of Great Lakes Partners estimated a $10–$20 million investment would be needed over three years to repair the line, which Fortress brands as the Central Maine and Quebec Railway, as it is in poor condition and currently not safe for the transport of oil or dangerous goods.[http://www.echodefrontenac.com/tragediedelacmegantic2.asp?IdNouv=2814 Le futur propriétaire de MMA veut maintenir un lien de confiance] {{Webarchive|url=https://web.archive.org/web/20190312111717/http://www.echodefrontenac.com/tragediedelacmegantic2.asp?IdNouv=2814 |date=2019-03-12 }}, Rémi Tremblay, L'Echo de Frontenac (March 20, 2014) The sale was completed in May 2014, for US$15.85 million.{{cite web|url=http://affaires.lapresse.ca/economie/transports/201405/15/01-4767137-la-vente-de-la-mma-pour-1724-m-a-ete-completee-aux-etats-unis.php|title=La vente de la MMA pour 17,24 M $ a été complétée aux États-Unis|work=La Presse|date=21 May 2023 }}

In October 2014, it was reported by the Birmingham Business Journal that Fortress had purchased the Inverness Corners retail center.{{cite web|url=http://www.bizjournals.com/birmingham/news/2014/10/21/inverness-corners-sold-to-new-york-investment.html|title=Inverness Corners sold to New York investment group|date=21 October 2014|work=Birmingham Business Journal}} Fortress Investment Group is also the parent company to Mystays hotels and resorts in Japan.{{cite news|url=https://www.reuters.com/article/us-japan-property-hotels-idUSKCN0HH1JT20140922|title=U.S. asset manager Fortress seeks more Japan hotel investments amid tourism boom|first=Junko|last=Fujita|newspaper=Reuters|date=22 September 2014|via=www.reuters.com}}

In April 2024, Fortress purchased the UK discount retailer Poundstretcher, which also included its 60 store sister discount chain Bargain Buys. This added to their other UK businesses Majestic Wine and Punch Pubs.{{cite news|url=https://www.theguardian.com/business/2024/apr/11/poundstretcher-sold-to-majestic-wine-owner-fortress|title=Poundstretcher sold to Majestic Wine owner Fortress|newspaper=The Guardian|date=11 April 2024}}

In early 2024, Fortress sued Businessman Charles Cohen for a default on a $534mn loan made in 2019.{{Cite web |last=Goldsmith |first=Jill |date=2024-10-04 |title=Judge Rules Charles Cohen On The Hook For $187M Loan Guaranty Pending Scheduled Auction Of Assets Including Landmark |url=https://deadline.com/2024/10/charles-cohen-loan-fortress-auction-assets-landmark-theatres-1236107478/ |access-date=2024-11-13 |website=Deadline |language=en-US}} In August a New York Supreme Court judge approved proceeding with a foreclosure auction against properties owned by Cohen to recoup part of the value of the loans. Cohen disputed the claim, alleging that a restructuring agreement had been reached with Fortress.{{Cite news |last=Sugiura |first=Eri |date=2024-11-12 |title=Fortress seizes control of art house cinema chain Curzon |url=https://www.ft.com/content/02724eb2-fb00-4a0b-a962-4f9364006c02 |access-date=2024-11-13 |work=Financial Times}} The court rejected Cohen's motion to postpone the auction. In November 2024, Fortress seized control of cinema chain Curzon for $5mn as part of the auction.{{Cite news |last=Sugiura |first=Eri |date=2024-11-12 |title=Fortress seizes control of art house cinema chain Curzon |url=https://www.ft.com/content/02724eb2-fb00-4a0b-a962-4f9364006c02 |access-date=2024-11-13 |work=Financial Times}}

Fortress Investment Group was the primary lender to Millennium Development Group for building the C$875 million athlete's village for the 2010 Winter Olympics in Southeast False Creek, Vancouver, British Columbia. Financial instability in September 2008 saw Fortress Investment Group reportedly at the brink of bankruptcy; consequently, Fortress was unable to provide further financing to Millennium, forcing the City of Vancouver to pay approximately C$450 million to complete the project in time for the Winter Olympic Games.{{cite news |url=https://www.theglobeandmail.com/servlet/story/RTGAM.20090112.wvanoc0112/BNStory/National/home |title=home |newspaper=The Globe and Mail |date=2009 |access-date=2017-08-28 |archive-date=2009-02-04 |archive-url=https://web.archive.org/web/20090204002341/http://www.theglobeandmail.com/servlet/story/RTGAM.20090112.wvanoc0112/BNStory/National/home |url-status=dead }} The City applied for and received legislative approval from the province to borrow as much money as required to complete the project.{{cite news |url=https://www.cbc.ca/news/canada/british-columbia/vancouver-gets-ok-to-borrow-to-finish-olympic-village-1.778154 |title=Olympic Funding |publisher=CBC News |date=2008 |access-date=December 24, 2016}} "By April 2014, the City of Vancouver had paid off the entire $630 million debt of the Olympic Village project at Southeast False Creek, with $91 million being recently recouped through the sale of 67 condos for $91 million to the Aquilini Group." The village was completed in November 2009.{{cite news| url = https://www.nytimes.com/2010/01/15/greathomesanddestinations/15iht-revill.html?_r=0|title= Athletes' Village Getting New Life After Winter Games|author= Joanne Blain|newspaper=The New York Times |date = January 14, 2010 }} Three weeks before the opening of the 2010 Winter Olympics in Vancouver, Fortress failed to make payment on its loan used to buy out Intrawest. This caused its creditors to force Intrawest to divest itself of several of its resort holdings in 2009 and 2010 to reduce its debt load.{{cite news|url=https://montrealgazette.com/technology/Intrawest+auction+block/2464537/story.html |title=Intrawest on the auction block |date=January 20, 2010 |work=Montreal Gazette |access-date=2010-02-15 |url-status=dead |archive-url=https://web.archive.org/web/20100124062330/http://www.montrealgazette.com/technology/Intrawest+auction+block/2464537/story.html |archive-date=January 24, 2010 }} Fortress Investment became the owner of the village after the 2010 Winter Olympics.{{cite news |url=http://www.vancourier.com/news/updated-city-of-vancouver-sells-final-stake-in-olympic-village-1.1005787 |title=Updated: City of Vancouver sells final stake in Olympic Village City's revenue projections with developer fell short $130 million |first=Mike |last=Howell |newspaper=Vancouver Courier |date=April 28, 2014 |access-date=December 24, 2016}}

VLSI Technology LLC and INVT SPE LLC, portfolio companies owned by investment funds managed by Fortress, have filed several lawsuits against Apple, Intel, HTC, ZTE and other telecommunications companies. In 2019, VLSI alleged Intel's SpeedStep technology introduced in 2005 infringes on its patent purchased.{{Cite news|url=https://www.bloomberg.com/news/articles/2021-04-21/intel-wins-billion-dollar-patent-trial-over-former-nxp-chips|title=Intel Wins Trial Over Chips, Dodging $1 Billion-Plus Blow|newspaper=Bloomberg.com|date=21 April 2021 |language=en|access-date=2021-04-26}} During this same time, VLSI asserted its patents against several other Intel products and obtained two jury verdicts totaling over $3 billion.{{cite web|url=https://www.reuters.com/legal/transactional/intel-fails-overturn-218-billion-patent-verdict-2021-08-10/|title=Intel fails to overturn $2.18 billion patent verdict, plans appeal|website=Reuters|date=August 10, 2021|access-date=May 19, 2023}}{{cite web|url=https://www.reuters.com/legal/intel-hit-with-9488-mln-us-verdict-vlsi-computer-chip-patent-trial-2022-11-15/|title=Intel hit with $949 mln U.S. verdict in VLSI computer chip patent trial|website=Reuters|date=November 16, 2022|author=Blake Brittain|access-date=May 19, 2023}} INVT SPE LLC was assigned 740 telecommunications patents originally filed by Panasonic after funds managed by Fortress acquired assets previously belonging to Inventergy Global, Inc.{{Cite web|url=https://www.essentialpatentblog.com/2020/04/judge-mcnamara-finds-invt-patents-are-not-essential-will-issue-comments-on-frand-commitments-invt-v-apple-337-ta-1138/|title=Judge McNamara finds INVT patents are not essential, will issue comments on FRAND commitments (INVT v. Apple, 337-TA-1138)|website=Essential Patent LLC|date=23 April 2020|language=en|access-date=2021-04-27}}{{Cite web|url=https://insight.rpxcorp.com/news/8164-fortress-hits-zte-over-patents-acquired-from-inventergy|title=Fortress Hits ZTE over Patents Acquired from Inventergy |language=en|access-date=2021-04-27}}

On March 9, 2020, an LLC owned by funds managed by Fortress through its non-operating subsidiary Labrador Diagnostics (which holds patents previously owned by Theranos), alleged that BioFire's FilmArray technology infringed some of its patents.{{Cite web|url=https://www.cadwalader.com/uploads/media/Labrador_v_BioFire.pdf|title=LABRADOR DIAGNOSTICS V. BIOFIRE DIAGNOSTICS, LLC and BIOMERIEUX S.A.|publisher=IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE}} On March 3, 2020, the Wall Street Journal published an article identifying that bioMérieux was working on two diagnostic tests for COVID-19.{{Cite web|url=https://www.wsj.com/articles/hospitals-companies-race-to-develop-tests-to-spot-coronavirus-linked-illness-11583245423|title=Hospitals, Companies Race to Develop Tests to Spot Coronavirus-Linked Illness|date=3 March 2020|website=www.wsj.com|language=en|access-date=2020-03-24}}{{subscription required|s}} After the patent infringement lawsuit was filed, bioMérieux announced that BioFire was developing tests to detect SARS-CoV-2.{{Cite web|url=https://www.biomerieux.com/en/novel-coranovirus-covid-19 |title=First of 3 diagnostic tests for SARS-CoV-2 coronavirus available from bioMérieux|date=March 11, 2020}} After the announcement, Labrador claimed that when it filed the lawsuit against BioFire it had no idea BioFire was developing COVID-19 testing kits.{{Cite web|url=https://www.lifesciencesipreview.com/news/fortress-offers-licences-after-covid-19-testing-patent-backlash-3957|title=Fortress withdraws patent lawsuit over COVID-19 testing discovery|author=Edward Pearcey|website=Life Sciences IP Review}}{{Cite web|url=https://www.businesswire.com/news/home/20200316005955/en/Labrador-Diagnostics-Grant-Royalty-free-Licenses-COVID-19-Testing|title=Labrador Diagnostics Will Grant Royalty-free Licenses for COVID-19 Testing|date=March 17, 2020|website=Business Wire}} Fortress subsequently offered to grant both the defendants and anyone else a royalty-free license for its technology for use in COVID-19 tests.

Fortress invested in Manwin Company.{{Cite news |date=October 24, 2014 |title=How a (Canadian-founded) company you've never heard of took control of the porn industry |url=https://nationalpost.com/news/how-a-canadian-founded-company-youve-never-heard-of-took-control-of-the-porn-industry |work=National Post}}

• Randal A. Nardone: CEO, co-founder, principal{{Citation |title=Leadership |publisher=Fortress |url=https://www.fortress.com/about#leadership |access-date=October 26, 2017 }}
• Wesley R. Edens: co-founder, principal
• Peter L. Briger: principal{{cite news |author= |title=Peter Lionel Briger Jr. |url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=1155225&privcapId=666715 | work=Bloomberg |access-date=October 26, 2017}}

• List of asset management firms
• List of hedge funds

{{reflist|30em}}

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Category:Companies formerly listed on the New York Stock Exchange

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