JK! If John Mack’s been Googling himself much today—which his administrative assistant tells us he mostly certainly is*—, he’s got to be pretty pleased with the results. First, he beats Goldman and now Ron Perelman? We’d say it’s time for Mack to call it a day—something about quitting while you’re ahead and today’s episode of Oprah being one you “don’t want to miss.”
Reuters reports the bank’s major victory today over billionaire and former husband of the lovely Ellen Barkin, when a Florida state appeals court threw out a $1.58 billion award previously bestowed upon Perelman over the 1998 sale of Coleman Co. to Sunbeam Corp. In May 2005 a jury had ruled in his favor, when he alleged that Morgan Stanley had helped Sunbeam “hide its shaky finances” while working on the purchase of Coleman.
Coleman had received 14.1 million Sunbeam shares in the transaction. The stock became worthless after Sunbeam fired chief executive Al Dunlap and admitted it had inflated sales to prop up earnings. Sunbeam went bankrupt in February, 2001.
In a 2-1 decision [today], Florida's Fourth District Court of Appeal in West Palm Beach said Perelman failed to show he was damaged because he did not demonstrate what Sunbeam shares would have been worth had there been no fraud.
A spokeswoman for Perelman called today’s ruling a “temporary setback" and that Big P "plans to seek a rehearing," just as soon as he deals with the arduous task of assigning himself a fifth wife.
Morgan Stanley Wins Reversal of $1.58 Bln Award [Reuters]
*You get what I'm doing here.