Jay Pritzker, Sam Zell and Itel Corp

Warren Buffett once equated equities to bonds, only with equities you have to fill in what the coupons will be. In the 1990s, Jay Pritzker structured an equity investment with Sam Zell that was so bond-like that some argued it should have been classified as debt on the balance sheet.

Jay was one of only a few people who would make a decision overnight to invest huge amounts of money. His liquidity and financial relationships made him the go-to guy of his era. – Sam Zell, Am I Being Too Subtle?