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Film Production Deal Ruled Separate from Marital Agreement
Billionaire Ronald Perelman has to pay $4.3 million to a film company he formed with his ex-wife, Ellen Barkin, despite Perelman's claim that the actress' breach of the couple's separation agreement relieved him of his financial obligations to the company, the New York Appellate Division, First Department ruled. Applehead Pictures LLC v. Perelman, 3193.
In its unanimous ruling, the appellate division rejected Perelman's argument that Barkin's alleged violation of a provision in the couple's separation agreement concerning a “Get,” or Jewish divorce, relieved him of his obligations to invest in Applehead Pictures LLC. “The record makes clear that the amended operating agreement [of Applehead] and the separation agreement were not intended to be interdependent,” Justice Eugene L. Nardelli wrote for the court.
In 2005, Perelman, Barkin and her brother, George, formed Applehead Pictures. Under the operating agreement, Perelman received 25% of the film production company's profits and was obligated to invest $3.4 million in the company, which was incorporated in Delaware. The following year, Perelman and Barkin decided to end their six-year marriage and entered into a separation agreement that included a confidentiality provision barring the parties from speaking to the media about certain “prohibited topics.”
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