It was a mistake for the ages – a “clerical error”, as Citigroup told lenders – that’s now plunged the bank into a battle between the Perelman empire and a corps of sharp-edged investment funds that have become its impatient creditors.
NEW YORK: Even for Citigroup Inc, it was big money. On Wednesday, loan operations staff at the New York bank wired US$900mil, seemingly on behalf of Revlon Inc, to lenders of the troubled cosmetics giant controlled by billionaire Ron Perelman.
It was a mistake for the ages – a “clerical error”, as Citigroup told lenders – that’s now plunged the bank into a battle between the Perelman empire and a corps of sharp-edged investment funds that have become its impatient creditors.
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