Word: perelmans
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...East. 472 Mass Ave. 354-8238. Upstairs: Scatterfield on Friday, Dec. 11. The Drovers on Saturday, Dec. 12. Downstairs: CD Release Party of Chuck with Random House of Soul and Aria on Thursday, Dec. 10. World Saxophone Quartet on Friday, Dec. 11 at 8 p.m. Brazilian Jazz Mater Ivo Perelman on Saturday...
...West has been the object of as many gibes as fantasies: just over a century ago, Rudyard Kipling was already pronouncing that "San Francisco is a mad city, inhabited for the most part by perfectly insane people" (others might say "insanely perfect"); and more than 40 years ago, S.J. Perelman was barreling down the yellow brick road to L.A., the "mighty citadel which had given the world the double feature, the duplexburger, the motel, the hamfurter, and the shirt worn outside the * pants." Yes, we know, all too well, that "going to California" is tantamount, for many people, to going...
Similarly, when corporate raider Ronald Perelman seized Revlon in 1985, First Executive helped finance the $2.7 billion takeover, buying $370 million worth of Drexel's junk bonds. Perelman shut down Revlon's pension plan and skimmed off at least $50 million in "excess funding." He then rolled existing pension obligations into Executive Life annuities. Says Eli Schefer, a retired Revlon engineer in Sands Point, N.Y.: "Those were cozy deals, not done according to fiduciary standards. These guys should be thrown in jail. Now that I am almost 72, I've got to worry about when my next pension check...
...Ivory soap, but now the Cincinnati-based giant is paying up for glamour. In a move to strengthen its worldwide beauty business, P&G (1990 sales: $24 billion) last week agreed to buy the Max Factor cosmetics firm and Betrix, a German makeup and fragrance manufacturer, from Ronald Perelman's debt-burdened Revlon for $1.14 billion in cash. The deal "speeds up the global expansion of the company by at least five years," said P&G chief Edwin Artzt, who has focused on foreign growth since he took over the top job last year. "It gives us an international base...
...deal means a measure of financial relief for Perelman, who acquired control of Revlon for $2.7 billion in a bitter 1985 takeover fight. To expand his cosmetics empire, Perelman subsequently paid some $300 million for Max Factor in 1986 and about $170 million for Betrix in 1989. Now, to pare his junk-bond debt, he has begun selling assets as fast as he once acquired them. What might be next? Perelman's advisers said the erstwhile raider could soon put on the block such tony cosmetics brands as Princess Marcella Borghese and Charles of the Ritz...