Rapid-American

Meshulam Riklis
Born	Template:Birth date Istanbul
Died	January 25, 2019(2019-01-25) (aged 95) Tel Aviv
Occupation(s)	Financier, entrepreneur
Known for	Pioneer in high-yield bonds and leveraged buyouts; founder of Rapid-American Corporation

Meshulam Riklis (; 2 December 1923 – 25 January 2019) was a prominent Israeli financier and entrepreneur.

Early years

Riklis was born in Istanbul into a Russian-Jewish family and spent his childhood in Tel Aviv, where he attended the Herzliya Hebrew Gymnasium. In 1947, he emigrated to the United States with his first wife, Judith Stern, with whom he had three children. He pursued mathematics studies at Ohio State University, earning his degree in 1950. His initial professional experience was as a junior stock analyst at the Minneapolis-based investment firm Piper Jaffray.

Business career

Riklis was a pioneer in utilizing sophisticated financial transactions such as high-yield bonds and leveraged buyouts to acquire controlling interests in major corporations, subsequently reorganizing assets under companies he owned. In 1966, he established Rapid-American Corporation by merging his holdings in Rapid Electrotype Company with American Colortype Company. Through Rapid American and its successor, Glen Alden Corporation, Riklis expanded his financial empire by acquiring numerous businesses including McCrory Stores, Leeds Travelware, 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, and Schenley Industries, which was formerly the U.S. distributor of Dewar's whisky.

After assembling his conglomerate, Riklis earned a master's degree in Finance from Ohio State University. His thesis titled "Expansion through Financial Management" mirrored his approach of leveraging minimal cash resources. At the height of his career, he reported a net worth near one billion dollars.

One of his ventures was E-II Holdings, which included well-known company names but lacked substantial asset backing. Investors such as Carl Icahn contested Riklis’s leadership and acquired portions of his holdings. Several firms under his control filed for bankruptcy as part of strategies aimed at safeguarding his personal fortune. A notable example includes selling his interest in the Carnival Cruise Line to Ted Arison for US$1 despite an outstanding US$5 million debt.

In the early 1980s, Riklis appointed Jeffrey Silver and accountant Arthur Waltzman as chief executives of the financially troubled Riviera Hotel and Casino to guide it through bankruptcy proceedings. Additionally, he engaged Sam Distefano from Playboy Enterprises to oversee entertainment operations for more than ten years.

Forbes documented that under Riklis’s stewardship, creditors were left with unpaid debts exceeding US$2.9 billion across various companies; by 2007, less than 10% had been recovered. In March 2013, Rapid-American Corp sought bankruptcy protection due to asbestos-related personal injury lawsuits against its subsidiary Philip Carey Manufacturing.

Personal life

Following his divorce from his first wife, Riklis wed 23-year-old actress Pia Zadora on 18 September 1977. The couple had two children together: Kady and Kristofer.

Riklis financed the film Butterfly, featuring Zadora. Although critics disparaged the movie and Zadora received a Razzie Award for Worst Actress, she won the Golden Globe Award for New Star of the Year after an extensively promoted press event funded by Riklis at his Riviera Hotel. He produced two additional films starring Zadora; all three have since gained status as cult camp classics.

The couple acquired and demolished Beverly Hills' historic Pickfair Manor—the former residence of silent film legends Douglas Fairbanks and Mary Pickford—to construct a larger home where they lived until their divorce in 1993.

In 2010, at age 86, Riklis married Tali Sinai, who was nearly four decades younger. In 2012, his daughter Simona (known professionally as advice columnist Mona Ackerman) passed away from cancer at age 66. Meshulam Riklis died in Tel Aviv on 25 January 2019 at the age of 95.

Philanthropy

Among Meshulam Riklis's charitable initiatives was the establishment of Beit Riklis in Jerusalem, an institution that remained active until it ceased operations in 2009.

External links

1. Profile of Meshulam Riklis on fundinguniverse.com