Perelman Wins $48.7 Million From Rennert in Billionaires’ Fight

Photographer: Brad Barket/Getty Images via Bloomberg

MacAndrews & Forbes Holdings Inc. chairman and chief executive officer Ronald O. Perelman. The billionaire is bringing a lawsuit to longtime friend and business partner Larry Gagosian, accusing him of using his position in the art world to manipulate prices. Close

MacAndrews & Forbes Holdings Inc. chairman and chief executive officer Ronald O.... Read More

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Photographer: Brad Barket/Getty Images via Bloomberg

MacAndrews & Forbes Holdings Inc. chairman and chief executive officer Ronald O. Perelman. The billionaire is bringing a lawsuit to longtime friend and business partner Larry Gagosian, accusing him of using his position in the art world to manipulate prices.

Investor Ronald Perelman won a judge’s tentative ruling ordering fellow billionaire Ira L. Rennert to pay $48.7 million in a dispute over a company that makes Humvee vehicles for the U.S. military.

The AM General affiliate of Perelman’s MacAndrews & Forbes Holdings Inc. sued Rennert’s ILR Capital LLC in June in Delaware Chancery Court in Wilmington, contending a Rennert firm wrongly took loans from their joint venture, Ilshar Capital LLC. Judge John Noble tentatively sided with Perelman in a Dec. 21 opinion.

AM General “has established much more than a reasonable probability of success on its breach of contract claim” as litigation continues, Noble wrote in ordering the payment.

In August, AM General was among three companies receiving a total of $185 million to help the Army develop an advanced replacement for the Humvee, to be called the Joint Light Tactical Vehicle.

Christine Taylor, a spokeswoman for Perelman, declined to comment on the ruling.

Rennert didn’t immediately return phone and e-mailed messages seeking comment.

The case is AM General Holdings LLC v. Renco Group, 7639, Delaware Chancery Court (Wilmington).

To contact the reporter on this story: Phil Milford at pmilford@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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