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Perelman, Ex-Wife Barkin’s Applehead Pictures Settle

Jan. 18 (Bloomberg) -- Billionaire Ronald Perelman and his former wife, actress Ellen Barkin, settled their dueling claims involving her film production company, Applehead Pictures LLC.

The case was resolved less than a month after a New York appeals court ruled that Perelman had to pay $4.3 million to Applehead Pictures after reneging on an agreement to invest in it. An agreement to drop the case was filed in New York state Supreme Court on Dec. 28.

“The case is over,” New York attorney Jacob Buchdahl, who represents Applehead, said in a telephone interview, declining to comment on details of the settlement. “I think all the parties are happy to have it behind them.”

Christine Taylor, a spokeswoman for Perelman, declined comment in an e-mail.

Barkin, an actress who starred in “Palindromes” (2004) and “The Big Easy” (1987), founded New York-based Applehead Pictures with her brother George Barkin in November 2005.

Perelman, chairman of cosmetics maker Revlon Inc., agreed to make capital contributions to Applehead Pictures in 2006 and 2007, totaling $3.4 million, according to the decision by the Appellate Division, First Department that affirmed a trial court ruling. The $4.3 million award includes more than $900,000 in interest.

Perelman didn’t approve of Barkin’s acting career, and they agreed the company would let her continue working in film, the decision said. The couple married in 2000 and entered into a separation agreement and divorce in February 2006.

The court rejected Perelman’s argument that Barkin’s alleged breaches of the separation agreement relieved him of his obligations in the business agreement.

Perelman had countersued in state Supreme Court, alleging Barkin misappropriated Applehead funds to finance personal expenses. The cases were consolidated.

The case is Applehead Pictures LLC v. Ronald O. Perelman, 602606/2007, New York Supreme Court, New York County (Manhattan).

To contact the reporter on this story: Karen Freifeld in New York Supreme Courthouse at kfreifeld@bloomberg.net.

To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.

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