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-SPONSORED- Why would he ask for help when his business is thriving? Daymond says that Richard is projecting $8 million in sales, so what is he here for? Richard was hoping to secure $350,000 in exchange for a 5% stake in his company, which was valued at $7 million. Robert Herjavec declined to make an offer. He is out of the deal. DBest Smart Cart has become popular and profitable in America, enabling the company to expand its nimble convenience carts to a worldwide market with consumers in 30 countries. Last Updated: September 9, 2022 "DBest Products" got featured on Shark Tank USA in February 2017. [Related:DBest Products Where To Buy Shark Tank $30 Smart Cart, $40 Trolley Dolly], The Shark Tank episode featuring Elden and dbest products is re-airing on June 23), one week after Elden was invited to his old high school Armenian Prelacy of the Western United States in La Crescenta, CA (class of 1992) to deliver the keynote speech. Richard is really helping to revolutionize personal item transportation. It seems like the deal wasnt completed as DBest Products isnt featured on Mark or Loris website, indicating that the due diligence process wasnt completed. They strive to ensure that the products are delivered in two working days. 0:00 / 1:23 Smart Cart by Richard Elden from dbest products 1,686 views Mar 28, 2011 The "Smart Cart" is another awesome invention that makes your life easier! by 2Paragraphs in Business Spotlight, Shark Tank | June 23, 2017, Richard Elden of dbest products on Shark Tank (ABC/Michael Desmond). They will be required to log in and then they can follow the link for tracking their order. Richard was hoping to secure $350,000 in exchange for a 5% stake in his company, which was valued at $7 million. To me, its just an extension of reporting., Richard Elden, Innovative Hedge Fund Investor, Is Dead at 84, https://www.nytimes.com/2018/07/13/business/richard-elden-innovative-hedge-fund-investor-is-dead-at-84.html. Richard Elden is the owner of dbest products, a line of collapsible carts and rolling storage units. Richard Elden is the CEO of the company. When they get a billion dollars in orders, they can finance it. Found 1 phone: 310538XXXX; View Richard's Contact Info (It's Free) 5 free lookups per month. Advertisements. dbest products Inc Pepperdine University, The George L. Graziadio School of Business and Management, +1 more Richard Elden . This increase shows that despite the pandemic and other potential obstacles dBest Carts continues to be a successful enterprise with positive outlook for future development. Mark has no trouble offering $1 million in a line of credit, so if Lori thinks the business is legit, Mark offers $350,000 in exchange for 20% and a minimum of $2 million in financing at 15% simple interest. js.src = "//forms.aweber.com/form/55/1545091855.js"; Here is an update on DBest Products's net worth so far. No credit card required. Their products, including DBest carts, are available at various retailers such as Bed Bath & Beyond, Staples, Target, Walmart, PetCo, and Amazon. He attended business school at the University of Chicago, receiving a masters degree in business administration in 1966. Mr. Elden was working as a financial analyst for a division of IBM that published educational materials when he was approached by a friend who appreciated Mr. Eldens reporters instincts. Daymond will be the first to extend an offer. Richard Elden Owner, dbest products Inc El Segundo, CA. Search over 700 To demonstrate the strength of his carts, Richard showcased them by carrying a 110-pound concrete block. Founder of dbest products, Richard Elden, shares a valid point with @kisd23 stating, ".everybody is going to carry something somewhere, you might as. The Sharks loved Eldens energetic pitch for smart money. He has been in charge of developing and producing the products delivered. Apart from convenience, dBest Products are designed and manufactured with sustainability in mind and support the goal to end the use of non-recyclable plastic bags. These include laundry carriers, the aforementioned Trolley Dollys, the Smart Carts, and a whole lot more. Daymond then speaks up, saying that he is out of the deal. The Sharks were curious about why Richard was seeking investment given his financial situation. Known Addresses for Richard Elden. He pitched his successful luggage business on Shark Tank in February 2017 mostly because. Richard was seeking for $350,000 for a 10% stake in his firm, which is worth $7 million. Kevin provided a $350,000 line of credit at an 18% interest rate in exchange for a 5% stake. There are also free shipping premiums for certain items. Jeremy Alexander critiqued the pitch here. Up to 5 He was 84. Richard Elden, the founder of DBest Smart Cart, traveled with his mother from London, United Kingdom, to California when he was nine years old. Richard explains that they do trade shows, he has payroll, and he has to pay for his warehouse. The minimum net worth in the Top 20 was $3.38 billion, $200 million less than 2018. Hes going to sell so much more, so he needs more money. We are located in the heart of Los Angeles where we all work together to bring you the most innovative rolling and folding carts. million verified professionals across 35 million companies. If he cant fill those orders, his competitors will, and he cant let that happen. The Top 5 Best Services for Traveling in London, UK, Alexiou Gibsons Net Worth in 2023 Shark Tank Sea Moss Gel Founders Success Story, How CBD Lollipops Can Help With Nausea and Digestive Issues, Mobile Phone Cameras: How to Take Stunning Photos and Videos, Young King Net worth Update (Before & After Shark Tank), The Painted Pretzel Net Worth 2023 Update (Before & After Shark Tank), ReadeREST Net Worth 2023 Update (Before & After Shark Tank), Esso Watches Net Worth 2023 Update (Before & After Shark Tank), 5 Minute Furniture Net Worth 2023 Update (Before & After Shark Tank). Richard Elden is the founder of DBest Smart Cart, traveled to California with his mother when he was nine years old from London in the United Kingdom. With this deal, Richard gets an immediate access to liquid capital. 2023 Geeksaroundglobe Powered by | All Rights Reserved. Richard says that he can beat him up now, but Mark intervenes and asks for sales. With that money, the Sharks can be partners and invest in his business. Work Owner at dbest products, Inc. Manhattan Beach, California Inventing dbest products ever, after all, we are dbest products! View He was born and raised in London and lived there up until his parents' divorce when he was nine years. DBest Smart Cart has a large number of vendors who assist in delivering their products. Elden is constantly inventing and creating different carts to meet the needs of his customers, with most products priced under $50, making them both affordable and practical. Aft, Youth Foria Makeup creator Fiona Co Chan created her line of makeup to solve a problem she had: sha fell asleep in, SurfBand Pro is for people who spend a lot of time outdoors and require sunscreen. Redirecting you to the search page. Read writing from Richard Elden on Medium. Richard Elden was born on Aug. 2, 1933, in Chicago. The company valuation was $7 million during the pitch. Kevin doesnt sugar coat things should he beat Richard up now or later for that $350,000 investment offer? Taylor Robinson Music Shark Tank Net Worth 2023/What Happened To Taylor Robinson Music After Shark Tank? DBest Products Net Worth 2022 What Happened After Shark Tank, LockerBones Net Worth 2022 What Happened After Shark Tank, MirMir Net Worth 2022 What Happened After Shark Tank. Richard Elden is the Chief Executive Officer at dbest products based in Paramount, California. He pitched his successful luggage business onShark Tankin February 2017 mostly because he needed capital. It appears that Richard was unwilling to agree to the 20 percent ownership stake offered. on Kickstarter Gold (photo by Mattes [Public domain]), 2012-2023, 2paragraphs Productions, LLC, DBest Products Where To Buy Shark Tank $30 Smart Cart, $40 Trolley Dolly. They did only $2.5 million last year. Anyone can read what you share. They use only the finest quality materials to produce their products. Richard begs for a lower equity position, but Robert asks how much equity he would want. It was therefore over to Lori Greiner and Mark Cuban. Funds-of-funds are essentially hedge funds that try to manage risk by diversifying their investments in a number of other hedge funds. They will be required to log in and then they can follow the link for tracking their order. As of February 2022, the company is estimated to generate $8 million in annual sales. DBest Smart Cart provides clients with convenient transportation and storage solutions for personal items. Treasure Chest Pets Shark Tank Net Worth 2023/What Happened To Treasure Chest Pets after the Shark Tank Pitch? In response to Californias ban on single-use plastic bags, the business grew. Specialties: Smart Cart, Smart Carts, Quik Cart, Quik Cart Xtra, Ultra Compact Quik Cart, EZ Roller, Out and About Roller, Collapsible Utility Carts, Rolling Storage Bins, Folding Baskets, and. Contact Number (310) ***-**** Engage via Phone. It also sells carts on Amazon, Petco and Walmart. It has a convenient front pocket, and it envelopes because its waterproof. And he was not happy going to a bank for a loan. Richard was seeking for $350,000 for a 10% stake in his firm, which is worth $7 million. Mark proposed a joint offer with Lori for $350,000, 20% equity, and a $2 million line of credit. Sign up for the latest news, promotions, and offers. Their patented carts, dollies, carriers, and coolers make consumers lives easier, and their most innovative product, the Smart Cart, has been simplifying consumers lives since 1998. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()), The Gazette Review is your daily news source covering everything from world news to personal finance. You can purchase Smart Carts either directly from the website, or you can go to any number of other retailers, including Amazon (which includes Prime shipping!) America is truly the land of opportunity if you have the passion and dont take no for an answer, this is the place to be in. Richard revealed that he was not interested in financing inventory for his orders and needed a partner to help him fulfill them. In its early years, Grosvenor focused on placing clients money in investments similar to those described in Professor Thorps book. The materials used to make the products are of the highest quality. He has an order that is not part of the valuation for almost $3 million from QVC. The first product launched was the Original Quik Cart: the famous foldable cart with yellow lid. DBest Products got featured on Shark Tank USA in February 2017. She is always looking ahead, and always trying to make change for good. Richard Elden is the founder of DBest Smart Cart, traveled to California with his mother when he was nine years old from London in the United Kingdom. They will not counteroffer or even budge on their position. Contact us: [emailprotected], King of the Bears, Shark Tank enthusiast, failed network engineer, sour cream enthusiast, Nanchaku instructor, Techman, Mega Man X fan, vaporizing know-how. Kevin then says that the company is worth at least $4 million, but Mark asks how many sales that Richard has that he cannot fulfill. He was born and raised in London and lived there up until his parents divorce when he was nine years old. In episode 814 of Shark Tank, Richard Elden presented his highly popular line of carts, DBest Products, to the Sharks. Find contact details for 700 million professionals. Sign up for a free account. Richard wants more money for higher equity. The first product launched was the Original Quik Cart: the famous foldable cart with yellow lid. Richard revealed that he was not interested in financing inventory for his orders and needed a partner to help him fulfill them. He said he had $1 million worth of orders he couldnt fulfill. The net worth of Richard Elden is not revealed. Happy 96th birthday to my biggest inspiration, my mum. They make sure that they use only the best construction processes and materials to make sure that their product lasts long. The company valuation was $7 million during the pitch, which has likely increased since then as dBest carts have proven competitive in their field and are now available in major retailers like Bed Bath and Beyond, Staples, Target, Walmart, PetCo, and Amazon. Mark interrupts, but Kevin urges him to let Lori do what she wants unless he intends to make an offer. "Life is tough, we make it easier." DBest Smart Cart has a 30-day no-hassle warranty for replacement of defective items. They use only the finest quality materials to produce their products. The materials used to make the products are of the highest quality. Mobile Number . The previous two years had been rough for the stock market. It was founded by Richard Elden. However, dBest is bigger than ever, with their products selling to customers in 30 countries. They accept cash, credit card, check payments and PayPal. All of the Sharks ask why Richard needs money. DBest is a line of patented collapsible carts, dollies, carriers, coolers, and more. . Originally from London, he holds a Masters in Business Administration. They accept cash, credit card, check payments and PayPal. fjs.parentNode.insertBefore(js, fjs); Elden died in Chicago on June 27th of melanoma. Robert says that the longer he stands there, the more he risks losing the offer. Richard Elden's email & phone number . Richard finishes $700,000 for 15% to his dream team of Lori and Mark. He was seeking a strategic partner who could help him expand his brand rather than just a celebrity. While such an approach had been taken by funds in Europe, Grosvenor Partners is widely considered the first American fund-of-funds. The main source of income for the business comes from online orders, manufacturing and retail distribution. Ultimately, Richard accepted Mark and Loris joint offer and secured a deal after a lot of negotiation. Customers who are not satisfied with their purchase can return their product within 30 days of delivery and get a full refund. Its his company and hes 100% owner, but hes not desperate enough to pay those ridiculous rates at the bank. They are made of a durable polypropylene material with a weather-resistant finish. Richard Elden is the CEO of the company. Richard accepted Mark and Loris offer of $350,000 for 20% equity shares of the company. Grosvenor's roots go back to . free lookups / month. And Mr. Elden, as an analyst for the Chicago brokerage and investment bank A. G. Becker & Company at the time, had become intrigued by the notion that high returns with relatively low exposure to the ups and downs of the broader market could be achieved by using strategies that involved non-stock investments in options markets. Liked by Richard Elden. They have an unbelievable amount of products listed on their website, most of which serve as conversion devices. Watch Richard Elden's pitch to the Sharks. Mark explains that Kevin has not solved his problem. Mr. Elden worked on the student newspaper at Northwestern University, where he studied political science. He needs lots of money and needs it now, and he is dedicated to making this a huge success. In 2010, he developed the Smart Cart. Daymond asks if this is the biggest-selling product hes had throughout the entirety of his career and explains that the way the Sharks view it, Richard is here for some money to help finance ongoing orders and grow the business. 15% for both Lori and Mark is tough. What was the outcome on Shark Tank? The idea was to have some diversification in terms of manager and strategy and have a portfolio of investments like this, instead of investing in the stock market, which was more challenging, Tom Elden said. He's been an innovator in the collapsible cart business for 15 years and produces dozens of different carts - even coolers on wheels. This was up $2.5 million from the previous year. As of July 2022 the company has shown signs of strong growth as it is estimated to be earning a steady $8-$10 million each year. The main source of income for the business comes from online orders, manufacturing and retail distribution. Since then the company is still in business and hence the company net worth might have been more than that of pitch. He can draw it down as he wants it but the rate is 18%, and he wants 5% equity. Facebook gives people the power to share and makes the world more open and connected. See below. Although Elden proposed $700000 for 15% equity and a line of credit, Cuban and Greiner wouldnt budge. The school is also hosting a party to watch Eldens rerun Shark Tank episode. When Kevin challenged the price, Richard informed him that he generated $5 million in annual revenue and predicted $7-$8 million in the coming year. The Sharks were curious about why Richard was seeking investment given his financial situation. Numerous items are listed as sold out on the DBest Products website, which is a great sign. Whether it is laundry, shopping, travel, office, outdoor recreation, school supplies, craft and hobby, pets, or moving heavy bulky items, we got you! Teddy Needs a Bath Shark Tank 2023/What Happened to Teddy Needs a Bath after Shark Tank? When Kevin challenged the price, Richard informed him that he generated $5 million in annual revenue and predicted $7-$8 million in the coming year. Richard Elden is the founder of DBest Smart Cart, traveled to California with his mother when he was nine years old from London in the United Kingdom. Richard offers to open it up and go bigger. After negotiations, Elden walked away with a deal for $350,000 for 20% and $2 million financing at 15% interest, from two Sharks. This would include the credit availability. He was 84. See below. As of February 2022, the company is estimated to generate $8 million in annual sales. He said he had $1 million worth of orders he couldnt fulfill. Richard was seeking for $350,000 for a 10% stake in his firm, which is worth $7 million. Nonetheless, DBest Products is still operational and thriving. DBest Smart Cart has a 30-day no-hassle warranty for replacement of defective items. He knows he can do it with an investment from the Sharks. Sign up for the latest news, promotions, and offers. There are also free shipping premiums for certain items. *Things happen. Richard was initially hesitant to give up so much equity and countered with a demand for $700,000 for a 10% stake, causing Daymond to exit. The Sharks were still not clear, so Elden revealed he had a $3 million order from giants QVC that was not part of the valuation he had just shared with the Sharks. However, Mark informed Richard that this offer did not address his issue. It has an ergonomic curvature in the handle because it allows you to pull more weight with less effort, and its got a convenient strap handle to go up and down the stairs and in and out of the car, or in and out of the overhead compartment on a plane. He also shared that he had a $3 million order from QVC, where his carts had been featured for the past 15 years. He pitched his successful luggage business on Shark Tank in February 2017 mostly because he needed capital. , Loria Stern started baking her flower cookies after taking a class in medicinal and edible plants back in 2011. Lori, who was very interested in the business, made an offer of $350,000 for a 15% stake in the company. He offers the $350,000 in exchange for 15% and promises to take him to Samsung. Today, Greiner and Cuban are not listed as dBest partners, so clearly the deal fell through. Richard Elden approached Shark Tank with a unique problem. Elden launched dBest with the original collapsible Quik Cart. Daymond offered $350,000 for a 15% stake in the company and proposed taking the business to Amazon for warehousing and fulfillment. The #1 Patented Cart Company in America, Since 1998. The dBest motto is Life is tough, we make it easier. With Lori and Mark by Richards side, DBest Products has blown up. He was seeking a strategic partner who could help him expand his brand rather than just a celebrity. Nonetheless, DBest Products is still operational and thriving. By the late 1970s, they diversified Grosvenor's investment strategies . He explains that Richard needs capital, but the question is what comes next. This was an incredibly tough deal to make, but now, Richard stands to have all the resources to grow DBest Products exponentially. They are made of a durable polypropylene material with a weather-resistant finish. What Happened to Surprise Cake after Shark Tank. The Bear and The Rat Shark Tank Net Worth 2023/What Happened to The Bear and The Rat after the Shark Tank? Throughout his career, Mr. Elden, a lifelong Chicago resident with a penchant for horn-rimmed glasses and bow ties, often referred to his reporting background as an ideal training ground. Lori asks how many times Richard has been on QVC, and Richard says that he has been working with QVC for probably 16 to 17 years. The cause was metastatic melanoma, his son, Tom, said. Elden is an innovator in the lightweight collapsible cart business, founding dBest in 1998. Mark says that the business is growing and the Sharks are financing it. DBest Productss founder Richard Elden has a net worth of 22.5 Million USD as of 2022. [Related:27 Favorite Shark Tank Products at Amazon New List], Kickstarter Gold Brings Back 65 Iconic Projects in Revival, Fund an album for cats! | By dbest products, Inc. In addition to our domestic success, we sell internationally to more than 30 countries and are a recognized market leader in multipurpose folding and rolling carts. Elden, also known as the cart guy, brought DBest Smart Cart to America with the introduction of the original foldable Quik Cart. His entrepreneurial spirit and the ban on single-use plastic bags in California fueled the companys rapid growth, aligning with their corporate objectives of environmental protection and carbon reduction. Ultimately, Richard accepted Mark and Loris joint offer and secured a deal after a lot of negotiation. The Sharks made offers: Daymond John offered $350000 for 15% with a guarantee to finance all future orders. Brooks' entertainment industry credits include . Engage via Email. Richard Elden, the founder of Grosvenor Capital Management and a hedge fund industry legend, has died at the age of 84. He later earned a Bachelor of Science in communications from the University of Southern California and a masters degree in business administration from Pepperdine University. Smart Cart has among its competition the Goplus Rollable Hand Carts, the AmazonBasics Foldable Hand Carts, The Original SkyCart foldable shopping cart, and the Zeroll. Its luggage-style maneuverability with a pet carrier. After his graduation in 1956, those articles helped him obtain reporting positions at the International News Service, which merged with United Press in 1958, as well as with the now-defunct City News Bureau of Chicago and The Chicago Sun-Times, where he worked as a business reporter. As of February, 2022, the firm is still in operation and producing an estimated $8 million in yearly sales. Richard Elden owns dBest Products. His mother, Vera, was a homemaker and the sister of David Smart, Esquires publisher. Impressive figures indeed. Customers can track DBest Smart Cart order through the system provided by DBest Smart Cart. How much was seeking on Shark Tank? DBest Smart Cart provides clients with convenient transportation and storage solutions for personal items. Be worry free with Route and protect yourself against lost, damaged, or stolen items. So, which Shark will be the smart one and join him with his Smart Cart? We are the #1 patented cart manufacturer in the United States and we continue to focus on developing new products that grow our brand. After a strong and dynamic presentation, Richard was able to ignite the interest of both Mark Cuban and Lori Greiner, making a double deal and very happy ending! Greiner, with her interests in QVC, was very keen to make an offer. In 2017, our owner was invited to present the company on the famous Shark Tank television show and hopefully find a partner to help us grow our business. Wow! Insider Growth is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. There are a ton of different Smart Carts, and there is even a pet Smart Cart. Cuban proposed that he and Greiner offer $350,000 at 20% equity with a further $2 million financing at 15%. DBest Smart Cart is in the business of delivering convenience to clients by assisting them in simply transporting and storing their personal items. This increase shows that despite the pandemic and other potential obstacles dBest Carts continues to be a successful enterprise with positive outlook for future development. GAG Team What's your reaction? *Things happen. Richard Elden is on Facebook. He has been in charge of developing and producing the products delivered. This can be anywhere from $4.99 to as much as $9.99 depending on the item. Richard speaks up, explaining that in those old commercials with the bouncing balls over the words, he sees some semblance of that in Richards presentation. Carts are not just for groceries anymore, and Richard demonstrates a video of the cooler Smart Cart. Richard was seeking for $350,000 for a 10% stake in his firm, which is worth $7 million. In episode 814 of Shark Tank, Richard Elden presented his highly popular line of carts, DBest Products, to the Sharks. Girl with Deadly Inherited Condition Cured with Gene Therapy. Mr. Elden founded Grosvenor Partners (now GCM Grosvenor), considered the first American fund-of-funds, in 1971. Lori says that Richard is in her world, so she extends an offer of $350,000 in exchange for 15%. Richard Elden, a lifelong Chicagoan, founded. The Quick Cart sold on the TV Shopping Networks for 8 and a half years. Richard was initially hesitant to give up so much equity and countered with a demand for $700,000 for a 10% stake, causing Daymond to exit. To demonstrate the strength of his carts, Richard showcased them by carrying a 110-pound concrete block. Besides his son, Mr. Elden is survived by his wife of 57 years, Gail; his daughter, Cindy Elden; and his sister, Joan Feitler. Customers can track DBest Smart Cart order through the system provided by DBest Smart Cart. Their products are also resistant to stains and spills due to the material they are made of. Consumer and Niche Products. Contact. That search for diversification, and a career that spanned virtually the entire history of the hedge fund industry, brought Mr. Elden into contact with some of the worlds most prominent hedge fund managers, including Julian Robertson of Tiger Management, David Einhorn of Greenlight Capital, Stephen Mandel of Lone Pine Capital, Michael Steinhardt of Steinhardt Partners and the well-known activist investor Carl Icahn. He was producing better absolute returns and, more importantly, better risk-adjusted returns than investing in a good portfolio of stocks, Mr. Elden said of Professor Thorp in a 2014 article published in Institutional Investor. So, he has come to the Shark Tank in order to seek an investment of $350,000 in exchange for 5% equity in his company, Dbest Products. Richard Elden is the owner of dbest products, a line of collapsible carts and rolling storage units. The cause was metastatic. Kevin then asks what the gross margin is, which Richard reveals is 50%. Sales this year are $5 million and are projected to do between $7 and $8 million by the end of the year. He later earned a Bachelor of Science in communications from the University of Southern California and a masters degree in business administration from Pepperdine University. Meet Richard Elden, from Manhattan Beach, California. The school is also hosting a party to watch Eldens rerunShark Tankepisode. Home Loan Eligibility: Are you eligible for home loan? The friend asked him to join A. G. Becker as an investment analyst with the job of scouring the markets for investment opportunities for the firms clients. DBest Smart Cart is in the business of delivering convenience to clients by assisting them in simply transporting and storing their personal items. My family has always. As a subscriber, you have 10 gift articles to give each month. Last year we assembled our first product in-house! r***@dbestproducts.net. js = d.createElement(s); js.id = id; The Bear and The Rat Shark Tank Net Worth 2023/What Happened to The Bear and The Rat after the Shark Tank? This is accomplished through the use of patented carts, dollies, carriers, and coolers. Please enable JavaScript in your browser for better use of the website. He wants to show the Sharks why everyone calls him The Cart Guy. Every day, Richard Elden and thousands of other voices read . King of carts Elden had been in business for nearly 15 years when he approached the Sharks. Be worry free with Route and protect yourself against lost, damaged, or stolen items. They are selling to Bed Bath & Beyond, Staples, Hobby Lobby, and a few more. The headquarters of DBest Products is located in California. DBest Smart Cart is still in the business of delivering convenience to clients. In 2021, dBest is still in business and doing an estimated $8 10 million in annual revenue. Although he had a steady stream of orders, he never had enough money to fulfill them. Richard Elden, a journalist-turned-investment manager who was an early investor in a number of notable hedge funds, died on June 27 at his home in Chicago.