By Irwin Speizer
Photographs by Dorothy Hong
When the call came from the investment office of Texas billionaire Edward Bass, Pamela Lawrence (right) was at once excited and concerned. Lawrence was scouting for investors to launch her new distressed-debt hedge fund, and the Bass organization, which was looking to seed just such a fund, could single-handedly put her in business.
There was one problem. The Edward P. Bass Group is based in Fort Worth, and Lawrence had no desire to move out of the Northeast, where she maintained strong business and personal connections. If Bass was looking for someone to relocate, Lawrence would have to pass on a rare opportunity.
"One of my first questions on the phone was, 'do you expect this fund to be managed out of Fort Worth?'" Lawrence recalls. Fortunately for Lawrence, the Bass organization had no Texas imperative. Lawrence flew to Fort Worth and gave...