A group of Revlon Inc. stockholders says shares of Ron Perelman’s bankrupt beauty supply company are in the money and that minority owners deserve a greater voice in its chapter 11 case, WSJ Pro Bankruptcy reported. Shareholders asked government lawyers on Tuesday to appoint an official committee to represent equity holders’ interests in Revlon’s chapter 11 case, pointing to the unexpected rally in its stock price after it filed for bankruptcy last month. The elevated stock price suggests that shareholders “are poised to retain material value at the conclusion of Revlon’s bankruptcy,” according to the group’s letter, sent on Tuesday to the Office of the U.S. Trustee, the Justice Department’s bankruptcy division. Mr. Perelman, who bought Revlon in 1985, owns roughly 85% of the company. Individual investors have been piling into the remaining shares, betting they won’t be wiped out, as usually happens in corporate bankruptcies. The minority shareholder group, represented by law firm White & Case LLP, filed its request for official-committee status ahead of a court hearing next week at which it hopes to participate, the letter said.
