Why, I ask, does he keep ending up in court? Last month alone, Revlon and MacAndrews & Forbes made separate settlements with the SEC and the Justice Department respectively, while one subsidiary sued Michael Milken, who funded Perelman’s Revlon takeover. Last year he was involved in fighting Gagosian as well as Donald Drapkin, a business partner of 20 years.
Does he enjoy litigation? “I hate it,” he says. “I guess by the nature of my personality I have a hard time dealing with either being taken advantage of or being f***ed over. That is especially true when it’s being done by somebody close to me.” Only a fraction of his deals have ended in acrimony, he stresses. And the main downside he sees is the bad publicity. “I hate the press,” he says but he will take any opportunity to get his side of the story out, “which is why I’m sitting here with you”. Pleased to have been of service, I say, wryly. He chokes on his cappuccino.
After 90 minutes at Marea, business – or his yacht – is pressing and Perelman reaches for his glasses and University of Pennsylvania baseball cap and says goodbye. I notice that two coffee cream puffs sit untouched in the middle of the table, topped with brown sugar and a fleck of gold leaf. I pop one in my mouth as the waiter comes over and asks: “Is the cheque you or Mr Perelman?” I explain that I must pay, and he hands over the bill – $180 before the tip. The maître d’ follows, saying anxiously: “I’m going to get in trouble with Mr Perelman for letting you get the meal.” My guest is always a light eater, he confirms, lest I get any impression he did not enjoy his meal: “The fish was perfect, I can assure you.”
I eat the second cream puff. Maybe it will make amends for the wasted sole.
Andrew Edgecliffe-Johnson is the FT’s media editor
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