After deal with Diageo to sell a controlling stake in flagship United Spirits, embattled liquor tycoon Vijay Mallya handed over management control of his cash cow though he still retains a minority stake. That and rising shares of United Breweries, a beer venture with Heineken, which gained 25% in past year, have kept this onetime billionaire afloat. Staff at his shuttered carrier Kingfisher Airlines, which owes banks over $1 billion, haven't been paid in 15 months. But he hasn't given up efforts to sell the airline. This summer he hosted a housewarming party at his new digs in London.