Ex-Marvel owner who bankrupted company loses naming rights at university
Former Marvel Comics owner Ron Perelman has lost the naming rights to a new residential college in Princeton after failing to pay on his promise.
Former Marvel Comics owner Ron Perelman, who sadly experienced the company’s bankruptcy in the mid-1990s, lost the naming rights to a new residential college at Princeton University after it was founded. failed to pay the $ 65 million Perelman promised the college in 2018 to have the college named after him.
Perelman’s daughter, Debra Perelman, graduated from Princeton in 1996 and the Perelmans already have the Ronald O. Perelman Institute for Judaic Studies named after the famous investor and businessman, but they couldn’t come up with the money. to have the new college also named in their honor.
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A Princeton spokesperson announced: “The University has terminated the grant agreement with the Perelman Family Foundation, Inc. to name a residential college because the Foundation has not made payments due under that agreement. . We remain grateful for the long-standing support of the Perelman family. “
Apparently Perelman had made no payment for the pledge and had attempted to work out an alternate payment schedule, but Princeton ultimately disagreed with his attempts to change the payment plan.
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Perelman and his holding companies have bought and sold numerous companies over the years, including Marvel Comics, which Perelman’s MacAndrews & Forbes Holdings bought from New World Entertainment in 1989 for $ 82.5 million (just slightly less than the $ 4 billion that Disney then paid for Marvel in 2009).
Perelman then acquired other companies for an additional $ 700 million to merge into Marvel Entertainment, including collectible card companies Fleer Corporation and SkyBox International, Italian sticker maker Panini Group and a significant stake in the toy company. ToyBiz. Comic book sales and collectible card sales both fell in the mid-1990s, and Perelman’s plan to overcome the sales slump was to create Marvel Studios and make films based on Marvel characters. A number of shareholders, led by Carl Icahn, opposed the plan (as they did not want to spend even more money after spending $ 700 million on acquisitions in the previous two years). Perelman then decided to bankrupt Marvel in the hopes that he would emerge with greater control of the business. Instead, after a long struggle for control with Icahn, the two lost when ToyBiz owners Isaac Perlmutter and Avi Arad bought Marvel in 1997.
So many business buyouts by Perelman have come with a heavy debt burden, and after the COVID-19 pandemic significantly rocked the global economy, it had a particularly oversized impact on Perelman’s business. As a result, almost certainly, Perelman has mass sold some of his properties since 2020, including selling a jet, yacht, part of his incredible art collection, and a $ 60 million townhouse in New York. York. He explained the sales as follows: “I realized that for too long I have clung to too many things that I don’t use or even want. I concluded that it was time for me to clean the house, simplify, and give others a chance to enjoy some of the beautiful things I have acquired.
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Source: The Daily Beast
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