The Renco Group, Inc. is an American New York City -based holding company controlled by Ira Rennert that invests in other companies across a range of industries.
71-601: In August 2004, it was announced that Ronald Perelman 's MacAndrews & Forbes Holdings company would form a joint venture with AM General's current owner, Renco Group, to give Perelman 70% ownership of AM General. The deal reportedly cost close to US$ 1 billion. In 2007, Renco Group lost ownership of its bankrupt subsidiary WCI Steel to its lenders. Through subsidiary Inteva Products , LLC, Renco Group purchased Delphi's Global Interiors and Closures businesses in March 2008. In June of 2021 Renco Group purchased Renfro Brands, Renfro Brands
142-455: A better Jew. So I decided then to begin being a better Jew. As soon as I got married, we kept a kosher house, we became much more observant. We moved to New York shortly thereafter and joined an Orthodox synagogue and the kids grew up with much more Judaism surrounding them than I ever did. Today, he strictly observes the Jewish Sabbath , spends three hours every Saturday in prayer, keeps
213-700: A 20 percent stake in Compact Video Inc., a television and film syndication company. Ronald Perelman's controlling buyout of Compact Video was in 1986. In 1989, Perelman acquired New World Entertainment , with David Charnay's Four Star Television becoming a unit of Ronald Perelman's Compact Video , later that year. Ownership of Compact Video Inc. was increased to 40% in 1989 after the buyout of Four Star International . After Compact shut down, its remaining assets, including Four Star, were folded into MacAndrews and Forbes Incorporated . In 1989, Perelman also acquired New World Entertainment with Four Star becoming
284-485: A Paris hotel lobby when both were still married: Perelman to Cohen, and Duff to Mike Medavoy . After Duff divorced Medavoy, Duff converted to Judaism and married Perelman, on January 25, 1995. She gave birth to his fourth daughter, Caleigh Sophia, before the wedding took place. When the marriage between Duff and Perelman disintegrated in 1996, custody over Caleigh became a major issue. Both Perelman and Duff wanted full custody and their prenuptial agreement did not address
355-634: A buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009. In 2013, Forbes licensed its brand to Ashford University , and assisted with the launch of the Forbes School of Business & Technology . CEO Mike Federle justified
426-425: A company into a panic and investors into a buying frenzy. Perelman insists he seriously intended to buy every corporation he bought into. He was first accused of greenmail in late 1986 during a run at CPC International when he bought 8.2% of CPC at around $ 75 a share and indirectly sold it back to CPC through Salomon Brothers a month later at $ 88.5 a share for a $ 40 million profit. Both CPC and Perelman denied it
497-583: A deal valuing the company at $ 800 million. His majority ownership was to include the remaining portion of the company owned by the Forbes family which was not previously sold to Integrated Whale Media. The transaction attracted scrutiny by the Committee on Foreign Investment in the United States . Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction. In November 2023,
568-475: A distributor of licorice extract and chocolate. He faced resistance from the management and investors who filed an unsuccessful lawsuit to prevent the acquisition, but Perelman prevailed. In 1983, Perelman started selling bonds to acquire the remaining 66% stake in MacAndrews & Forbes Group Inc. to take MacAndrews & Forbes Group Inc. private. Also in 1983, MacAndrews had acquired Technicolor Inc. Despite
639-570: A division of New World as part of the transaction. Four Star International was purchased through a golden parachute deal that was negotiated with David Charnay by Ronald Perelman after Charnay was notified of stock purchases made by Perelman in 1989. By the end of 1989, MacAndrews refinanced the Holding companies' junk bonds for standard bank loans. The bulk of New World's film and home video holdings were sold in January 1990 to Trans-Atlantic Pictures,
710-503: A funder of the election campaign of Donald Trump , giving US$ 125,000 to Trump Victory in September 2017. In 2015, Perelman donated $ 500,000 each to Super PACs supporting the presidential candidacies of Lindsey Graham and Jeb Bush . In 1995, Perelman donated to Princeton University to create the Ronald O. Perelman Institute for Judaic Studies. Other notable donations include $ 20 million to
781-549: A kosher home, and donates millions to Jewish groups and causes, particularly the Chabad-Lubavitch sect. He does not consider himself to be a member of Lubavitch. He supports them because he thinks they are Judaism's best chance for surviving and thriving in modern society. Perelman is the owner of "Près Choisis" (now called "The Creeks"), a 40-room Mediterranean-style villa on Georgica Pond in East Hampton, Long Island. It
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#1732854748277852-448: A large portion of his salary and benefits in the event of an injury that prevented him from being able to work; Tepperman claimed he had suffered such an injury, albeit psychologically, as a result of the effect his wife's condition had on him. His demands totaled $ 30 million. That number stems partially from Tepperman's salary, which started at $ 275,000 and rose to $ 1.2 million in 1990 and partially from his large benefits package. Perelman
923-435: A local florist after a bill for a Bulgari bracelet arrived at their home, instead of Perelman's office. She further declared he had defrauded the owners of First Sterling Corporation (i.e. herself) by diverting thousands of dollars of company money into gifts for the florist. Faith made a very public spectacle of the divorce. Perelman responded by hiring Roy Cohn and flatly denying all her allegations. The pair quickly settled
994-539: A majority of shares in AM General , but in 2020 sold the majority of his shares in AM General along with significant works of art, in light of the impact of the economy on the high debt burdens many of his companies have from leveraged buyouts. In early 2020, Revlon, acquired by Perelman in the 1980s, undertook a debt deal. Previously worth $ 19.8 billion in 2018, Perelman is, as of November 2022, worth $ 1.9 billion. Perelman
1065-477: A minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part. A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $ 300 million, setting the value of the enterprise at $ 750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It
1136-637: A newly formed production company founded by a consortium of former New World executives. His company MacAndrews & Forbes became a holding company with interests in a diversified portfolio of public and private companies and was still wholly owned by Perelman, who served as its chairman and chief executive officer. In 1989, one of the company's holdings was Marvel Comics , which under Perelman's watch declared bankruptcy; he sold off Marvel in 1997. MacAndrews & Forbes's current holdings include Deluxe , Revlon , SIGA Technologies, VTV, and as of late 2019, 39% of Scientific Games . However, as of Q3 2019,
1207-711: A nonprofit youth development agency serving inner-city children and teenagers. On June 3, 2011, Perelman was honored for his charitable contributions at the New York Police Foundation's 40th Anniversary Gala at the Waldorf Astoria in New York City—an event that raised $ 2.3 million for charity. Since 2013, Perelman donated $ 50 million to the NYU Langone Medical Center to create the Ronald O. Perelman Center for Emergency Services , $ 25 million to
1278-534: A performing arts center at the World Trade Center site . In May 2015, Perelman succeeded Sanford I. Weill as Chairman of Carnegie Hall. and since 2010 he has also hosted annual benefits for the Apollo Theater , raising millions of dollars annually for the legendary venue. In August 2021, Princeton University announced that it would no longer name a newly constructed student dormitory for Perelman after
1349-489: A second child, Ike, in May 2012. Judaism has had a strong influence on Perelman's life. He grew up in a Conservative household. The temple he went to growing up was a Reconstructionist temple, and his father donated millions to Conservative causes. He had a religious reawakening at the age of eighteen while on a family trip to Israel : I felt not just this enormous pride at being a Jew; I felt this enormous void at not being
1420-407: A wide network of freelancers ("contributors") writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$ 100,000, according to the company. The contributor system has been criticized for enabling "pay-to-play journalism" and
1491-551: A year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is known for its lists and rankings, including of the richest Americans (the Forbes 400 ), lists of 30 notable young people under
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#17328547482771562-475: Is a designer, manufacturer, and marketer of socks and legwear products. The Renco Group also owns various mills and mines in the United States and South America , and pollution problems at some of the company's properties have sparked public outcries, environmental lawsuits, and hundreds of millions of dollars in environmental penalties and fines. One Renco subsidiary, magnesium producer US Magnesium (USM),
1633-733: Is accused of polluting the Great Salt Lake in Utah . Smelting operations by another Renco subsidiary, Doe Run Company , are responsible for elevated levels of lead , arsenic , and cadmium in Herculaneum, Missouri , and elevated levels of lead, copper , zinc , and sulfur dioxide in La Oroya, Peru . In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places". Ronald Perelman Ronald Owen Perelman ( / ˈ p ɛr əl m ən / ; born January 1, 1943)
1704-564: Is an American banker, businessman, investor, and philanthropist. MacAndrews & Forbes Incorporated , his company, has invested in companies with interests in groceries, cigars, licorice , makeup, cars, photography, television, camping supplies, security, gaming, jewelry, banks, and comic book publishing. Perelman holds significant shares in companies such as Deluxe Entertainment, Revlon , SIGA Technologies , RetailMeNot , Merisant, Scantron, Scientific Games Corporation , Valassis , vTv Therapeutics and Harland Clarke. He previously owned
1775-474: Is an American business magazine founded by B. C. Forbes in 1917 and owned by Hong Kong –based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes , and its CEO is Mike Federle . It is based in Jersey City, New Jersey . Competitors in the national business magazine category include Fortune and Bloomberg Businessweek . Published eight times
1846-525: The Asia Society , wrote in The Washington Post that "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence." On August 26, 2021, Forbes announced plans to go public via a merger with a special-purpose acquisition company called Magnum Opus Acquisition, and to trade on
1917-688: The World Trade Center Memorial . In February 2008, Perelman made a $ 50 million donation to the New York Presbyterian Hospital and Weill Cornell Medical Center to create the Ronald O. Perelman Heart Institute , and to provide vital financial aid to the Ronald O. Perelman and Claudia Cohen Center for Reproductive Medicine. Perelman serves as a member of the board of directors of the Police Athletic League of New York City ,
1988-686: The "100 Greatest Living Business Minds". Perelman's first major business deal took place in 1961 during his Freshman year at the Wharton School of the University of Pennsylvania . He and his father bought the Esslinger Brewery for $ 800,000, then sold it three years later for a $ 1 million profit. Throughout Perelman's tenure at the Belmont Iron Works (later renamed Belmont Industries) he assisted his father on other deals. Their general strategy
2059-643: The 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India , bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman , a quarterly magazine published by Steve Forbes's daughter, Moira Forbes , with a companion Web site. The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. The company also formerly published American Heritage and Invention & Technology magazines. After failing to find
2130-685: The New York Stock Exchange as FRBS. In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $ 200 million stake in Forbes as a result of the SPAC flotation. In June 2022, the company terminated its SPAC merger citing unfavorable market conditions. In August 2022, the company announced that it was exploring a sale of its business. In May 2023, it was announced that billionaire Austin Russell , founder of Luminar Technologies , agreed to acquire an 82 percent stake in
2201-679: The University of Pennsylvania for naming rights to the quadrangle, $ 10 million to New York University to create the Ronald O. Perelman Department of Dermatology, $ 4.7 million to Princeton University to create the Ronald Perelman Institute for Jewish Studies, and $ 20 million to the Guggenheim Museum . From 2006 through 2008, Perelman donated $ 63.5 million to causes including, but not limited to: Weill Medical College of Cornell University, Stand Up to Cancer (SU2C), World Trade Center Memorial Fund and Ford's Theatre, Carnegie Hall and
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2272-538: The University of Pennsylvania to create a new Center for its Economics and Political Science Departments, $ 100 million to the Columbia Business School , the graduate business school of Columbia University . The gift will be used to support the construction of new facilities in Manhattanville , including the Ronald O. Perelman Center for Business Innovation. and donated $ 75 million to revive plans to build
2343-688: The age of 30 ( Forbes 30 Under 30 ), America's Wealthiest Celebrities, the world's top companies (the Forbes Global 2000 ), Forbes list of the World's Most Powerful People , and The World's Billionaires . The motto of Forbes magazine is "Change the World". B. C. Forbes , a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street , founded Forbes magazine on September 15, 1917. Forbes provided
2414-543: The app. David Churbuck founded Forbes ' s web site in 1996. The site uncovered Stephen Glass 's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism . At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging
2485-462: The beginning and privately commissioned a vaccine in his efforts to cure her. He donated $ 20 million to the University of Pennsylvania to remodel what is now Perelman Quadrangle and, as part of that donation, had the option of renaming Logan Hall. His decision to change it to Cohen Hall dismayed some Penn faculty, alumni, and students. Patricia Duff was Perelman's third wife. The pair first met in
2556-472: The bond debt, in 1984, MacAndrews & Forbes purchased Consolidated Cigar Holdings Ltd. from Gulf & Western Industries , in addition to Video Corporation of America. The Technicolor Inc. divisions were sold off and, in 1988, its core business was sold to Carlton Communications for 6.5 times the purchase price. Using the proceeds from the Technicolor division sell off, MacAndrews & Forbes purchased
2627-411: The company had hired Goldman Sachs to help review strategic alternatives for Revlon. He has also done deals with Revlon Corporation , thrifts for $ 315 million and renamed it First Gibraltar Bank, Coleman Company , Sunbeam Products , and New World Entertainment . On February 17, 2005, Perelman filed a lawsuit against Morgan Stanley . Two facts were at issue: did Morgan Stanley know about
2698-566: The company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing. This business model, in place since 2010, "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism. Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022. In 2017
2769-856: The deal and reflected M&F Worldwide shareholders' lack of confidence. Perelman tried to pacify M&F Worldwide's shareholders with a $ 15 million settlement, but the judge rejected it as grossly inadequate. Ultimately, Perelman agreed to undo the deal. Perelman hired Fred Tepperman as his CFO after Tepperman left Warner Communications in 1985. Starting with Pantry Pride, Tepperman worked on every single business deal Perelman orchestrated throughout Tepperman's seven-year stint at MacAndrews & Forbes. Tepperman's tenure came to an abrupt end just after Christmas in 1991 when Perelman fired him for being derelict in his duties. Tepperman had been distracted, he claimed, by caring for his Alzheimer's -afflicted wife of 30 years. A clause in Tepperman's contract entitled him to
2840-494: The deal collapsed, as Russell was unable to put together the necessary funds. Apart from Forbes and its lifestyle supplement, Forbes Life , the magazine has 42 international editions covering 69 countries: Chairman / Editor-in-chief Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio . Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From
2911-504: The deal were not publicly reported, but Forbes was to continue to occupy the space under a five-year sale-leaseback arrangement. The company's headquarters moved to the Newport section of downtown Jersey City , New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. This was encouraged by minority shareholders Elevation Partners . Sale documents prepared by Deutsche Bank revealed that
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2982-453: The divorce with an estimated payout to Faith in excess of $ 8 million. Perelman met his second wife, Claudia Cohen , in 1984 at Le Cirque . They had one daughter together, Samantha, in 1990. In August 1993, Ron filed for divorce. Claudia left the marriage with well over $ 80 million. In 2007, Claudia died after a secret seven-year battle with ovarian cancer. Perelman revealed in his eulogy at her funeral that he had known about her cancer from
3053-406: The entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics . Together these sites reach more than 27 million unique visitors each month. Forbes.com employs
3124-436: The family foundation failed to make payments on a pledged $ 65 million donation. In the late 1980s, Perelman was accused of engaging in greenmail . "Greenmail" occurs when someone buys a large block of a company's stock and threatens to take over the company unless he is paid a substantial premium over his purchase price. In the case of someone with a reputation as a corporate raider, the mere act of buying up shares could send
3195-629: The fundamentals of business. By the time Ronald turned eleven years old he regularly sat in on board meetings of his father's company. A 2006 article published in the Forbes 400 discusses their rough relationship in detail. Perelman first attended the Villanova School of Business for one semester before transferring to the Wharton School of the University of Pennsylvania , where he majored in business. He earned his MBA from Wharton in 1966. In September 2017, Forbes magazine named Perelman as one of
3266-497: The jury to consider Morgan Stanley guilty before the trial began. In 2007, the courts of appeal reversed the judgement. The judges declared Perelman hadn't provided any evidence showing he'd suffered any actual damage as a result of Morgan Stanley's actions. Perelman appealed, but found himself shot down by the Florida Supreme Court who dismissed it in a 5–0 decision. Undeterred even after that setback, Perelman went back to
3337-549: The licensing in 2018, stating that "Our licensing business is almost a pure- profit business , because it's an annual annuity ." Forbes would launch limited promotions for the school in limited issues. Forbes has never formally endorsed the school. On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within
3408-495: The magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine. Between 1961 and 1999 the magazine was edited by James Michaels . In 1993, under Michaels, Forbes was a finalist for the National Magazine Award . In 2006, an investment group Elevation Partners that includes rock star Bono bought
3479-593: The money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings . Drey became vice-president of the B.C. Forbes Publishing Company, while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1919–1990). Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. During his tenure, from 1954 to 1964,
3550-419: The next six years. He orchestrated the purchase of Cohen-Hatfield Jewelers in 1978, his first deal as an independent investor free of his father's influence and took a loan from his wife, Faith Golding. Within a year, Perelman had sold all of the company's retail locations and reduced the company to its lucrative wholesale jewelry division, earning him $ 15 million. Perelman acquired MacAndrews & Forbes ,
3621-520: The other party. The judge's sealed decision means the public will never know the exact results of the case, but it's known that neither party actually won. Perelman is Caleigh's legal guardian, but Patricia has extensive visitation rights. Perelman met his fourth wife, actress Ellen Barkin , at a Vanity Fair Oscar after-party in 1999. After slightly more than a year of courtship, the two married in June 2000. All accounts indicate their five-year marriage
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#17328547482773692-452: The problems with Sunbeam, and was Perelman misled? After a five-week trial, the jury deliberated for two days, found in favor of Perelman, and awarded him $ 1.45 billion. The damages stung particularly because Morgan Stanley passed up Perelman's offer to settle the case for $ 20 million. Morgan Stanley maintained that the court case was improperly decided, citing the judge's decision to use Florida law over New York law and her decision to order
3763-402: The publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$ 15 million. Forbes reportedly sought a price of US$ 400 million. In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company. In 2017, Isaac Stone Fish, a senior fellow of
3834-433: The repackaging of public relations material as news. Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue. In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place. As of 2019
3905-489: The shares to Ralston Purina. He sold his shares to Gillette and Ralston backed out of the deal. In April 2001, M&F Worldwide bought Perelman's 83% stake in Panavision for $ 128 million. This would be unremarkable except that Perelman controlled M&F Worldwide and the price paid for his stake was four times market value. At the time, M&F Worldwide was a healthy company with an excellent balance sheet while Panavision
3976-413: The slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $ 70 million to $ 80 million a year in revenue, [it] never yielded the hoped-for public offering ". Forbes.com uses a contributor network in which
4047-425: The source used, Barkin's yearly alimony ranges from $ 2 million to $ 3 million, and the total payout ranged from $ 20 million to $ 65 million. In late 2007, the pair exchanged lawsuits. Part of the divorce settlement required Perelman to invest several million dollars in a film production company Barkin and her brother George (an aspiring screenwriter) had started. Perelman made only one of the payments, claiming that there
4118-444: The subject of child support. Initially private, the divorce proceedings were opened to the public at the request of Duff. Neither party emerged with their reputations unscathed. The court psychiatrist found Duff to be paranoid and narcissistic and Perelman to have serious anger management issues, Perelman caught a great deal of flak for testifying that it cost about $ 3 a day to feed his daughter, and both sides alleged physical abuse by
4189-401: The trial court and asked for the case to be reopened because the hiding of email evidence was "a classic example of fraud on the court". The trial court rejected his arguments, but as of January 2009, he is beseeching Florida's 4th Circuit to reopen the case. Bloomberg reported on September 18, 2020, that Perelman had sold his Gulfstream 650 , as well as his 257-foot yacht. Perelman was
4260-491: The website blocked internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access was granted. Forbes argued that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site. Forbes won the 2020 Webby People's Voice Award for Business Blog/Website . In November 2019, Forbes launched
4331-428: The worst decision he ever made and sold his stake to Gillette later that month for a $ 34 million profit. Gillette had put word out that Ralston Purina had agreed to buy a 20% block of stock, making any attempt by Perelman to buy Gillette much more difficult. Perelman decided to sell his share to Ralston Purina, but before he did so Gillette's executives called him up, asking if he'd sell his shares to them and they'd sell
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#17328547482774402-414: Was a stormy one. Much of the friction arose due to Barkin's acting career and her attendant travel schedule. Perelman filed and obtained a divorce in early 2006. The press soundly mocked Perelman for his actions, the speed and timing of which suggested his real motivation was to avoid a clause in his prenuptial that would raise the amount in alimony he owed Barkin if he waited a few days longer. Depending on
4473-421: Was bleeding red ink. M&F Worldwide's other shareholders cried foul, alleging the only person who stood to benefit from the deal was Perelman and took their complaints to the courts. Perelman insisted the deal was an excellent one and in the best interest of the shareholders because Panavision was well-positioned to profit from the move to digital cinematography . The share price tumbled from six to three after
4544-802: Was born in Greensboro, North Carolina , on January 1, 1943, the son of Ruth (née Caplan) and Raymond G. Perelman . He was raised in a Jewish family in Elkins Park, Pennsylvania , and is the grandson of Litvak (Lithuanian Jewish) immigrants. With family members, he managed the American Paper Products Corporation. Raymond eventually left the company and bought Belmont Iron Works, a manufacturer of structural steel. Perelman graduated from The Haverford School in Haverford, Pennsylvania , Pennsylvania in 1962. From his father, Perelman learned
4615-501: Was built in 1899 by the artists Adele and Albert Herter . In October 2018 a fire spread from the attic and burned for several hours. Insurers paid around $ 141 million for fire damage, but rejected claims of damage to five paintings insured for a total of $ 410 million. As of 2022 April 11 , Perelman's suit against the insurers is before the New York Supreme Court . Forbes Forbes ( / f ɔːr b z / )
4686-589: Was greenmail despite appearances to the contrary, including what looked like an artificial price increase by Salomon shortly before they sold Perelman's shares. Another accusation of greenmailing levied against him was the best-known and stemmed from his attempt to purchase Gillette in November 1986. Perelman opened negotiations with a bid of $ 4.12 billion. Gillette responded with an unsuccessful lawsuit and public insinuations of insider trading . Perelman accumulated 13.8% of Gillette before he made what he would later call
4757-598: Was later revealed that the price had been US$ 264 million. In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $ 165 million. Much of the revenue growth was attributed to Forbes’ consumer business, which was up 83 percent year-over-year. CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers. In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University ; terms of
4828-566: Was married to actress Ellen Barkin from 2000 to 2006. On October 13, 2010, Perelman married Dr. Anna Chapman, a Harvard University -educated psychiatrist. Perelman met his first wife, Faith Golding, in 1965 on a cruise to Israel. As the heir to a real-estate and banking fortune, she controlled personal wealth of around $ 100 million at the time of their marriage. After they had adopted three children—Steven, Josh, and Hope—Faith gave birth to their fourth child, Debra. Their marriage lasted until 1984, when Faith discovered Perelman's ongoing affair with
4899-421: Was no evidence the two were actually producing films. Barkin sued for her money while Perelman counter-sued, alleging Barkin and her brother had looted the film company for themselves. Four years later the lawsuits ended in a confidential settlement. Perelman began dating psychiatrist Dr. Anna Chapman, in mid-2006. In late November 2010, the couple celebrated the birth of their son, Oscar. The couple later had
4970-558: Was quick to file a countersuit for fraud, claiming that Tepperman had sneakily changed the company's retirement plan in such a way that Tepperman would personally gain millions of dollars. It took over three years for the case to make it to court. The case ended with a sealed settlement. Perelman has been married five times. He married Sterling Bank heiress Faith Golding in 1965 and they divorced in 1984. His marriage to gossip columnist Claudia Cohen lasted from 1985 to 1994. He married socialite Patricia Duff in 1995 and divorced in 1996. He
5041-517: Was to purchase a company, sell off superfluous divisions to reduce debt and generate profit, bring the company back to its core business, and either sell it or hang onto it for cash flow. In 1978, twelve years after Perelman formally joined Belmont Industries, he was the vice president but he still strove for more power and influence in the company. His father Raymond told him that he had no intention of stepping down anytime soon. Perelman resigned and moved to New York. The two barely spoke to one another for
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