Theodore Forstmann, the private equity investor credited with turning around Gulfstream Aerospace, died Nov. 20 at age 71. His investment firm, Forstmann Little & Company, acquired Gulfstream in 1990 for $800 million. When the Savannah, Ga.-based aircraft manufacturer began experiencing financial difficulties, Forstmann took a hands-on approach and appointed himself chairman and CEO. During his seven-year tenure, he revamped the management team, created new product lines, introduced aircraft fractional ownership and launched the then-flagship GV. Forstmann sold Gulfstream to General Dynamics for $5.6 billion in 1999. In addition to being a founding partner of Forstmann Little, he was chairman and CEO of IMG, a global sports and media company.