You’ve probably heard the name Ronald Perelman. For decades, he was the poster child for the 1980s corporate raider—the guy with the cigar, the yacht, and the uncanny ability to turn a licorice company into a multi-billion-dollar spiderweb of global brands. But honestly, if you look at MacAndrews & Forbes Holdings in 2026, it isn't the same juggernaut it was when "Wall Street" was in theaters. It’s leaner. It's quieter. And it's dealing with a legacy that is as complicated as a Delaware court filing.
The company is basically the personal investment vehicle for Perelman. He’s the sole owner. While the world remembers the Revlon takeover or the Marvel Comics era, the current reality of MacAndrews & Forbes Holdings is a fascinating study in how massive fortunes contract and pivot.
What is MacAndrews & Forbes Holdings actually doing right now?
People think it's still this massive conglomerate owning everything from makeup to tanks. Not really. After a series of "deleveraging" events—which is a fancy way of saying selling off the family silver to pay back creditors—the portfolio is a bit more eclectic than it used to be.
Currently, the heavy hitters in the MacAndrews & Forbes Holdings stable include:
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- SIGA Technologies: This is a big one. They deal in health security, specifically TPOXX, an antiviral for smallpox. In an era where "biothreat" is a common headline, SIGA is a cornerstone of the M&F portfolio.
- vTv Therapeutics: A clinical-stage biotech firm focusing on treatments for diabetes. It’s high-risk, high-reward stuff.
- Vericast: You might know them better by their old names, Harland Clarke or Valassis. They handle everything from check printing to those coupon packets that show up in your mailbox.
- AM General: Though ownership stakes have fluctuated and shifted over the years, the connection to the Humvee manufacturer remains a key part of the Perelman lore.
It’s a weird mix. Licorice (the original business), checks, and smallpox treatments. But that's the Perelman style—finding value in places others aren't looking.
The Revlon Ghost and the $14 Billion Peak
You can't talk about MacAndrews & Forbes Holdings without mentioning Revlon. It was the crown jewel. For 35 years, Perelman and Revlon were inseparable. But the 2023 bankruptcy changed everything. Perelman effectively lost control of the cosmetics giant during the restructuring.
It was a massive blow. At one point, Perelman’s net worth was north of $14 billion. Fast forward to 2026, and estimates have shifted significantly. While he’s still a billionaire, the "fire sale" of assets over the last few years—including art by Rothko and Giacometti, and his massive Hamptons estate—shows a company that had to tighten its belt in a very public way.
Why the "Revlon Rule" still matters to you
Even if you don't care about lipstick, the company made legal history. The court case Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc. created the "Revlon Rule." Basically, it says that once a company is up for sale, the board’s only job is to get the highest price for shareholders. They can’t try to save the company or protect employees; they just have to be auctioneers. Every MBA student in the country still studies this. It's the most lasting legacy of the firm.
The Strategy: "The Art of the Deal" vs. Reality
M&F doesn't just buy stocks. They take over companies. They use debt—lots of it—to acquire a business, then try to optimize it. Sometimes it works beautifully (like the early days of MacAndrews & Forbes licorice). Sometimes it’s a struggle, like the Marvel bankruptcy in the 90s.
The firm operates out of a townhouse in New York City. It feels more like a private club than a corporate headquarters. That’s intentional. Perelman has always run the place with a small circle of advisors. It’s highly centralized. If you’re doing business with them, you’re doing business with him.
What most people get wrong about M&F
A lot of folks think M&F is a private equity fund like Blackstone or KKR. It's not.
Those firms manage other people's money. MacAndrews & Forbes Holdings is mostly Perelman's money. That gives him the freedom to hold onto companies for decades (like Revlon) or sell them in a heartbeat. It also means when things go south, he’s the one on the hook.
Actionable Insights: Learning from the M&F Playbook
If you’re looking at MacAndrews & Forbes Holdings as a case study for your own business or investments, here are the real-world takeaways:
- Watch the Debt: The M&F story is a masterclass in the power and danger of leverage. Debt builds empires, but it also forces you to sell your favorite assets when interest rates climb or markets shift.
- Specialized Niches are Resilient: Companies like SIGA Technologies show the value of "moats." If you’re the only one providing a specific, government-mandated product, you can survive almost any corporate storm.
- Governance is Everything: The legal battles M&F has faced over the years highlight why clear board roles and fiduciary duties are vital.
To stay updated on what’s next for the empire, keep a close eye on the SEC filings for SIGA and vTv Therapeutics. Those are the current barometers for the firm's health. You can also monitor the Delaware Court of Chancery for any new litigation involving "Revlon duties," as the firm's history continues to shape corporate law in real-time.