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James Parsons Quits De Laurentiis Firm

December 24, 1987|AL DELUGACH

James A. Parsons, who left his job as Bank of America's man in charge of loans to the entertainment industry and joined De Laurentiis Entertainment Group last year, has departed the troubled independent film producer.

Parsons has resigned as executive vice president and chief financial officer "to explore other opportunities in the industry," the company announced late Wednesday.

Public records show Parsons had a base salary of $250,000 a year at the film company. He joined the firm in June, 1986, when the company founded by Dino De Laurentiis was riding the crest of its first public stock offering.

Since then, the firm's major films have been unsuccessful at the U.S. box office and losses piled up. Its debt--much of it to Bank of America--was recently more than $40 million.

Under reported pressure from lending banks, De Laurentiis himself said Nov. 6 that he was considering resigning as chairman and chief executive.

On Nov. 11, the company announced that it would undergo a "significant restructuring," including possible sale of part or all of its extensive film library and North Carolina studio. While sharply curtailing its operations and work force, the company said it "intends to remain an active producer and distributor of films."

In the announcement of Parsons' departure, De Laurentiis was quoted as saying: "Jim has made an excellent contribution to our company over the past year and a half and will be missed. We wish him the very best in his future endeavors."

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