SAN FRANCISCO - Ronald O. Perelman, the New York financier and majority owner of Revlon Corp., is selling six million shares in one of his less-known investments, Golden State Bancorp, the holding company for the San Francisco thrift California Federal Bank.
In a filing with the Securities and Exchange Commission Tuesday, Golden State registered the stock - 5% if the shares outstanding, and worth about $148 million - for sale. The stock is being sold by a unit of MacAndrew & Forbes Holdings Inc., the holding company for Mr. Perelman's investments.
Mr. Perelman has sold off some of his stake in Golden State over the last few quarters as Revlon has struggled to renegotiate over $1.5 billion of bank and bond debt. In August he sold 2.6 million shares worth about $48 million.
Through MacAndrew & Forbes, Mr. Perelman owned 27.5% of Golden State and Hunter's Glen, a limited partnership controlled by Golden State chairman and chief executive officer Gerald J. Ford, according to the filing.
Mr. Ford, a Texas banker who invested in failed Texas thrifts after the savings and loan crisis of the 1990s, and Mr. Perelman became Golden State directors in 1998, when their First Nationwide Holdings merged with Golden State.