Ronald Perelman’s private holding company and his bankrupt cosmetics giant Revlon Inc. have had another change of legal custody.
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 head legal and corporate affairs. Weissmann has confirmed his departure.
Revlon, which filed for Chapter 11 protection the next day, hired Andrew Kidd to be its new general counsel. Kidd becomes the third attorney to hold the position so far this year following the departures of former acting 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 on his new role. A Revlon spokesperson declined to discuss Kidd, who is listed on Revlon’s website management page.
Revlon is the flagship company of a business empire owned by Perelman, hit hard during the pandemic. The cosmetics company has struggled in recent years with heavy debt and increased competition from rivals.
Perelman’s finances remain complicated.
Bloomberg reported last year that his net worth had fallen by around three-quarters from his estimated valuation of $19 billion in 2018. Perelman said in a September 2020 statement that the desire for a longer life simple had led him to embark on a series of asset sales, which included his personal real estate holdings and companies formerly owned by MacAndrews & Forbes.
Kidd comes to Revlon having most recently served as a legal consultant to institutional investors in the energy industry, where he served as a director of several companies. He also brings bankruptcy expertise, having previously served as 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, Okla-based company. From 2013 to 2016. Ultra, an Englewood, Colorado-based natural gas producer who hired Kidd in 2018, entered Chapter 11 two years later.
Weissmann was a key aide to former FBI Director Robert Mueller III in his investigation into alleged Russian interference in the 2016 U.S. presidential election. He also led the Department of Justice prosecutions. Justice against the executives of Enron Corp. about two decades ago.
MacAndrews & Forbes recruited Weissmann last year following the departure of two former legal advisers, Steven Cohen and Frances Townsend.
He now works as a professor at New York University School of Law and as a legal analyst for NBC News and cable network MSNBC, Weissmann said via email.
A spokesperson for MacAndrews & Forbes did not respond to a request for comment on Weissmann’s departure.
The holding company announced in June the hiring of special counsel and administrative director Jaymie Durnan, a lawyer and retired U.S. Navy officer to oversee its personnel, compliance and administrative functions. Durnan previously worked for MacAndrews & Forbes and its affiliates, such as Siga Technologies Inc., a biotechnology company of which he is a director.
Durnan has taken over a position vacated earlier this year by former MacAndrews & Forbes special counsel Emily Hatch, who is now senior legal director for employment at Hillspire LLC, the family office of Google billionaire Eric Schmidt.
Restructuring of Revlon
Revlon’s bankruptcy bills are starting to mount.
MacAndrews & Forbes owned approximately 85% of the company at the time of its insolvency. Revlon’s Chapter 11 petition shows it owes nearly $4.4 million in legal fees to Hawkins Parnell & Young, a litigation law firm.
Paul, Weiss, Rifkind, Wharton & Garrison is the lead bankruptcy attorney for the debtor, according to court documents, which reveal the company received installments from Revlon totaling nearly $8.5 million in the 90 days preceding its Chapter 11 filing. The company said it voluntarily waived an additional $2.8 million in fees incurred by Revlon for financial and corporate work that Paul Weiss managed during the year elapsed.
Freshfields Bruckhaus Deringer received fees totaling more than $800,000 to assist with Revlon-related legal matters outside the United States, according to bankruptcy court filings. MoloLamken received a $50,000 retainer to serve as special litigation and conflict counsel to the New York-based company.
Osler, Hoskin & Harcourt is acting as Canadian bankruptcy counsel for Revlon. An investigative subcommittee of the company’s board of directors formed to examine Revlon’s governance, financial dealings and business operations has hired New York’s Petrillo Klein & Boxer and solo practitioner Alan Gover as co- advice.
Gover is a former partner of Baker Botts; Dewey Ballantine, now missing; Weil, Gotshal & Manges; and white and case. He bills Revlon at $1,450 an hour, according to court records, which also show that Petrillo Klein has so far received at least $175,000 from the debtor.
Court records show Ropes & Gray received a retainer of $100,000 to represent related Revlon debtors in the company’s bankruptcy case.