Isaac Perlmutter
| Isaac Perlmutter | |
|---|---|
| Born |
December 1, 1942 British Mandate of Palestine (now Israel) |
| Nationality | Israeli American |
| Employer | Marvel Entertainment |
| Net worth |
 US$4.2 billion (July 2015) |
| Title | Vice Chairman, Chief Executive Officer |
| Spouse(s) | Laura Perlmutter |
Isaac "Ike" Perlmutter (Hebrew: יצחק "אייק" פרלמוטר; December 1, 1942) is an Israeli-American businessperson and financier. He has been the CEO of Marvel Entertainment since January 1, 2005. He was also the owner of Remington Products and Marvel Toys.
Isaac Perlmutter was born to a Jewish family in pre-statehood Israel. He emigrated to the United States after serving in the Israeli Army during the Six-Day War of 1967. Arriving in New York City with only $250, he earned a living standing outside Jewish cemeteries in Brooklyn, leveraging his Hebrew skills to lead funeral services for tips.
Later he sold toys and beauty products on the streets of New York City, which eventually evolved into selling surplus stock and end-of-line items at a big profit. Although he never attended a university, he taught himself how to read a balance sheet and became very good at spotting overlooked value in weak and distressed companies.
With a new partner, Bernard Marden, and leveraging the skills he attained as a wholesaler, he formed a company called Odd Lot Trading, a wholesaler and retailer of closeout items. In May 1984, they sold Odd Lot to Revco Discount Drug Stores in exchange for 12% of Revco stock. He soon challenged Revco management for control of the company but, after initial positive feedback, was rejected. Perlmutter and his partner threatened a hostile takeover but eventually refrained and sold their share back to Revco for $120 million.
Perlmutter had a close relationship with the management of toy manufacturer Coleco Entertainment Corporation as he had been purchasing unsold inventory from them for some time. As is typical in the industry, payment terms were often unusual. With Coleco, Perlmutter would purchase unsold inventory in exchange for 50% cash and 50% in "barter advertising credits" (basically a promise to pay for the future advertising expenses of Coleco). Over a four-year period, Perlmutter had received $144 million in goods and paid $73 million in cash along with providing $71 million in barter advertising credits to be paid in the future.
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