Painting A New Face On Revlon

Married three times and a notorious philanderer, Charles Revson never got along with women. But he sure knew how to sell to them. For decades, Revson's Revlon Inc. was the last word in beauty.

But by 1985, Revson was long gone, his successor, Michel Bergerac, was a flop, and raider Ronald O. Perelman had taken over. Perelman, who knows more about leverage than lipstick, loaded a horrifying $2.9 billion in debt onto the company's balance sheet. Wall Street watched with morbid fascination as Revlon flirted with default. And while the cigar-waving financier and socialite wrestled with his credit tab, Revlon's glamour faded.