Weissmann out of Perelman’s company as Revlon adds legal chief

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Ronald Perelman’s private holding company and his bankrupt cosmetics giant, Revlon Inc., have had another changing of the legal guard.

Perelman’s MacAndrews & Forbes Inc. parted ways with former Justice Department official Andrew Weissmann on June 15, less than a year after hiring him to serve as head of legal and corporate affairs. Weissmann confirmed his departure.

Revlon, which filed for Chapter 11 protection the next day, has hired Andrew Kidd to be its new general counsel. Kidd becomes the third attorney to hold the position so far this year after the departures of former interim chief legal officer Penny Tehrani-Littrell and general counsel Cari Robinson.

Kidd, who joined Revlon shortly before the company went bankrupt, did not respond to a request for comment about his new role. A Revlon spokesperson declined to comment on Kidd, who is listed on the administration page of Revlon’s website.

Revlon is the flagship of a Perelman-owned business empire hit hard during the pandemic. The cosmetics company has struggled in recent years with a heavy debt load and increased competition from rivals.

Perelman’s finances remain complicated.

Bloomberg reported last year that his net worth had shrunk by about three-quarters from its estimated $19 billion valuation in 2018. Perelman said in a September 2020 statement that a desire for a simpler life had led him to embarking on a series of asset sales, which have included his personal real estate holdings and businesses once owned by MacAndrews & Forbes.

Kidd comes to Revlon from legal advice to institutional investors in the energy industry, where he has been a director of several companies. He also brings bankruptcy experience, having previously been general counsel at Ultra Petroleum Corp. and general counsel, president and CEO of Samson Resources Corp.

Samson, an oil and gas driller, filed for bankruptcy in 2015. Kidd worked for the Tulsa, Oklahoma-based company from 2013 to 2016. Ultra, an Englewood, Colorado-based natural gas producer, which hired Kidd in 2018, it entered Chapter 11 two years later.

Weissmann output

Weissmann was one of former FBI Director Robert Mueller III’s top deputies in his investigation into alleged Russian interference in the 2016 US presidential election. He also once led the Justice Department’s prosecution of Enron Corp. executives about two years ago. decades.

MacAndrews & Forbes hired Weissmann last year after the departure of two former general counsel, Steven Cohen and Frances Townsend.

Andrew Weissmann

Bloomberg News

He now works as a professor at New York University School of Law and as a legal analyst for NBC News and the MSNBC cable network, Weissmann said by email.

A MacAndrews & Forbes spokesman did not respond to a request for comment on Weissmann’s departure.

The holding company announced in June the hiring of Special Counsel and Managing Director Jaymie Durnan, an attorney and retired US Navy officer appointed to oversee its personnel, compliance and administrative functions. Durnan previously worked for MacAndrews & Forbes and its affiliates, including Siga Technologies Inc., a biotech company of which she is a director.

Durnan has taken over the position vacated earlier this year by Emily Hatch, a former special counsel at MacAndrews & Forbes who is now senior legal director of employment at Hillspire LLC, the family office of Google billionaire Eric Schmidt.

Revlon’s restructuring

The bills from Revlon’s bankruptcy are starting to pile up.

MacAndrews & Forbes owned approximately 85% of the company at the time of its insolvency. Revlon’s Chapter 11 petition shows that it owes nearly $4.4 million in legal fees to Hawkins Parnell & Young, a litigation-focused law firm.

Paul, Weiss, Rifkind, Wharton & Garrison is serving as the debtor’s lead bankruptcy attorney, according to court documents, which reveal the firm received advances from Revlon totaling nearly $8.5 million in the 90 days prior to its bankruptcy filing. Chapter 11. The firm said it voluntarily wrote off another $2.8 million in fees incurred by Revlon for financial and corporate work Paul Weiss handled over the past year.

Freshfields Bruckhaus Deringer has received advances totaling more than $800,000 to assist in Revlon-related legal matters outside the US, according to bankruptcy court documents. MoloLamken was paid an advance of $50,000 to serve as special litigation and conflict counsel for the New York-based company.

Osler, Hoskin & Harcourt is serving as Canadian bankruptcy counsel for Revlon. An investigative subcommittee of the company’s board formed to review Revlon’s governance, financial transactions and business operations has retained Petrillo Klein & Boxer of New York and independent counsel Alan Gover as co-counsel.

Gover is a former partner at Baker Botts; now deceased Dewey Ballantine; Weil, Gotshal and Manges; and White & Case. He is billing Revlon at $1,450 an hour, according to court records, which also show Petrillo Klein has received at least $175,000 from the debtor so far.

Court filings show that Ropes & Gray received a $100,000 advance to represent Revlon’s related debtors in the company’s bankruptcy case.

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