Meshulam Riklis

Meshulam Riklis
Born	December 1, 1923 (1923-12-01) (age 87) Istanbul, Turkey
Nationality	Israeli
Occupation	Businessman
Spouse	Judith Stern (1940s-1970s) Pia Zadora (1977-1993) Tali Sinai (2010- )
Children	5

Meshulam Riklis (born December 2, 1923, Istanbul, Turkey) is an Israeli businessman. He grew up in Tel Aviv, before coming to the United States in 1947 with his first wife, Judith Stern, with whom he has three children. Ira Riklis, Ramona Riklis, and Marcia Riklis. He studied mathematics at Ohio State University, graduating in 1950. His first significant job was as a junior stock analyst for the Minneapolis investment firm Piper Jaffray.

Riklis is credited with inventing complicated paper schemes like junk bonds and leveraged buyouts to take over control of major companies, then doing paper switches of the assets into companies he owns. His first significant foray was the creation of the Rapid-American Corporation by combining a significant stake in Rapid Electrotype Company—a platemaking concern with American Colortype Company—maker of stereoview lithographs and dollhouse furniture. Tracing the history of Rapid American Corporation^[1] and its renamed form Glen Alden Corporation,^[2] one can find the succession of acquisitions Riklis used to create his financial empire, including McCrory Stores, Leeds Travelware,^[3] Gruen Watch Company, Elizabeth Arden cosmetics, Aunt Nellie's Farm Kitchens, Bargain Time, Beatrice Foods, Canadian retailer Dylex, Culligan International, Fabergé Cosmetics, J. J. Newberry stores, Lerner Shops, Lawry's Meat Specialties, Martha White Foods, Odd Lot Trading, International Playtex, the Riviera hotel and casino in Las Vegas, RKO-Stanley Warner Theatres, Samsonite, Schenley Industries, and the one-time American distributor of Dewar's whisky.^[4]

After his financial empire was well established, he returned to Ohio State to complete a Master's Degree in Finance. His thesis was titled "Expansion through Financial Management" and based on his career discussed "the effective use, or rather non-use, of cash".^{[citation needed]}

One of the many shells and holding companies he created in the process of building the empire was E-II Holdings, in which the other investors later discovered he had placed the names of impressive companies, but not the assets. Among the investors in E-II was Carl Icahn. These investors revolted on Riklis and started seizing other properties in the financial empire.^[5][6]

Many of the corporations declared bankruptcy, again carefully maneuvered by Riklis to preserve his personal wealth. He famously sold his stake in the Carnival Cruise Line to Ted Arison for $1.

Meshulam Riklis uses corporate shells to preserve his wealth. One of these is the Riklis Family Corporation, a privately-held conglomerate of variety retail businesses that have included Rapid-American Corporation, McCrory Stores, Faberge, Elizabeth Arden, Samsonite luggage, Collagen, Schenley Industries Inc., and E-II Holdings Inc. Riklis Family Corporation is almost wholly owned by the Riklis family, including Meshulam Riklis and his second wife, singer Pia Zadora, as well as his three children (Ira Riklis, vice-chairman of the company, Marcia Riklis, Ramona Rikis Ackerman), and six grandchildren from his marriage with Judith Stern.

Forbes magazine reports that while at the helm of a string of his companies, Riklis left his creditors unpaid for over $2.9 billion in debt. According to Forbes, less than 10% of this had been recovered as of 2007.^[7]

In 2007, the California Franchise Tax Board posted a list of the top 250 tax delinquents. Rapid-American Corporation, founded by Riklis, topped the list owing over $26.8 million in back taxes.^{[citation needed]}

In 2004, Riklis donated $2,000 to the George W. Bush Presidential Campaign and in 2007, he donated $5,000 to the Republican National Committee.^[8]

In 2010, as an 86 year old, Riklis married his third wife, Tali Sinai, who is almost 40 years his junior.^[9]

Pia Zadora

After divorcing his first wife, the 53-year-old Riklis was married to the then 23-year-old Pia Zadora on September 18, 1977. He is widely credited with launching (or buying) her career as a celebrity, for not long after their marriage, she made her breakthrough as the Dubonnet Girl, appearing in print and television commercials for the apéritif distributed by a company he owned.

Riklis then financed the movie Butterfly, starring Zadora. Her role (and more importantly her acting) in the film was easy fodder for comedians and professional critics,^[10] winning her the Razzie Award for Worst Actress, but she also won the Golden Globe Award as New Star of the Year^[11] after a well publicized press junket paid for by Riklis, also hosted at his own Riviera Hotel.^[12]

Pickfair

Riklis and Zadora then bought and demolished one of Beverly Hills' best known landmarks, Pickfair, the former home of silent movie legends Douglas Fairbanks and Mary Pickford, to build a larger home on the site. They lived there until their divorce proceedings began in 1993.^{[citation needed]}

References

1. ^ Time Magazine article on Riklis
2. ^ http://www.scripophily.net/glenalcor.html Scripophily
3. ^ Patentstorm website
4. ^ NNDb profile of Meshulam Riklis
5. ^ New York Times coverage of Riklis
6. ^ Alacrastore website
7. ^ Forbes on Meshulam Riklis' outstanding debts
8. ^ Meshulam Riklis' political contributions to the George W. Bush 2004 Presidential Re-election Campaign (2004)
9. ^ http://www.jpost.com/Opinion/Columnists/Article.aspx?id=185851
10. ^ New York Times review of Butterfly
11. ^ Golden Globes 1981
12. ^ New York Times coverage of Riklis's Golden Globes junket

External links

1. Bio of Meshulam Riklis at fundinguniverse.com

Persondata
Name	Riklis, Meshulam
Alternative names
Short description	Turkish-born U.S.-based Israeli businessman
Date of birth	December 2, 1923
Place of birth	Istanbul, Turkey
Date of death
Place of death