Marvin Waldman, a partner in the breeding of a Kentucky Derby (gr. I) winner and the father of long time Overbrook Farm adviser Ric Waldman, died Thursday in Highland Beach, Fla. He was 86.Waldman was a partner in Red Bull Stable with Lee Eaton and Sam Lyon that bred 1976 Derby winner Bold Forbes. The partners were able to buy his dam, Comely Nell, privately from Calumet Farm, as a yearling because she was partially blind and would not be able to race. They sold Bold Forbes (by Irish Castle) at Fasig-Tipton Kentucky July for $15,200.Waldman and Lyon were partners in the retail liquor business in Louisville, Ky., and also owned shopping centers together. Trainer Marty Fallon recommended Eaton to them as an agent and the three hooked up together in the early 1960s. They formerly owned Indian Hill Farm in Lexington.Red Bull also bred such top horses as Green Desert, Group Plan, Ali Oop, and Dunbeath.Waldman, a native of Louisville, was a graduate of the University of Kentucky School of Pharmacy. He is survived by his wife of 63 years, Ruthie Fay, four children, six grandchildren, and three great-grandchildren.The family is requesting donations be made to: The Cystic Fibrosis Foundation, 6931 Arlington Rd, Bethesda, Md. 20814, or New England Organ Bank, One Gateway Center, Newton, Mass. 02458.