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Cannon Group Inc

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BUSINESS
August 7, 1987 | WILLIAM K. KNOEDELSEDER JR., Times Staff Writer
Debt-ridden Cannon Group Inc., plagued by a string of box-office flops, announced on Thursday a net loss of $9.99 million for its first quarter ending April 4. Cannon predicted the loss last month when it released its much-delayed annual report revealing that the Los Angeles-based movie maker lost $60.4 million in fiscal 1986.
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NEWS
August 29, 1998 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
If the adage is true that the ultimate Hollywood art form is the deal, then the maneuvering to get "Spider-Man" to the big screen will never hang in the Louvre. As the biggest superhero character left unfilmed since the blockbuster "Batman" made the genre popular again, "Spider-Man" has been widely touted as moviedom's hottest property.
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BUSINESS
March 7, 1989 | AL DELUGACH, Times Staff Writer
Giancarlo Parretti, chief executive of Los Angeles movie producer Cannon Group, late Monday denounced a Business Week article about him and an associate as "irresponsible" and "riddled with false statements and damaging innuendoes." In a Cannon news release issued Monday, Parretti said the article made "untrue and baseless accusations of money laundering," against him and Cannon Chairman Florio Fiorini.
BUSINESS
August 19, 1987 | WILLIAM K. KNOEDELSEDER JR., Times Staff Writer
Federal regulators, continuing their scrutiny of movie industry accounting practices, have charged financially troubled DeLaurentiis Entertainment Group Inc. with failing to maintain adequate accounting records and controls after it went public last year. The Securities and Exchange Commission said the violations resulted in improper accounting for interest, selling, general and administrative costs for the six months ended Aug. 31, 1986.
BUSINESS
April 12, 1988 | AL DELUGACH, Times Staff Writer
Cannon Group's major European investor, Giancarlo Parretti, will take control of the beleaguered movie studio under an agreement disclosed Monday. Cannon's film activities are to be placed in a separate division called Cannon Entertainment under Menahem Golan and Yoram Globus, the company's longtime top officers. But, under the agreement, Golan and Globus would no longer jointly control the company with the Parretti group although they would remain stockholders and directors.
BUSINESS
March 4, 1989 | KATHRYN HARRIS, Times Staff Writer
Carolco Pictures Inc., best known as the producer of the "Rambo" films, on Friday said it has made an offer to acquire De Laurentiis Entertainment Group, a motion picture company that sought the protection of federal bankruptcy court last August. The terms of the bid weren't disclosed, but Carolco President and Chief Executive Peter M.
BUSINESS
March 4, 1989 | AL DELUGACH, Times Staff Writer
Hollywood's newest financial wheeler-dealer, Italian Giancarlo Parretti, declined to comment Friday on a Business Week report of allegations that his "network of private foreign holding companies hide sophisticated money-laundering operations." However, the article said Parretti and his partner, Florio Fiorini, have denied the accusation, which was attributed to unnamed former partners of the two men. Last April, the pair took control of Cannon Group, a publicly traded Los Angeles film producer.
BUSINESS
March 4, 1989 | KATHRYN HARRIS, Times Staff Writer
Carolco Pictures Inc., best known as the producer of the "Rambo" films, on Friday said it has made an offer to acquire De Laurentiis Entertainment Group, a motion picture company that sought the protection of federal bankruptcy court last August. The terms of the bid weren't disclosed, but Carolco President and Chief Executive Peter M.
BUSINESS
February 28, 1989 | AL DELUGACH, Times Staff Writer
Italian financier Giancarlo Parretti's design for building a Hollywood movie empire moved forward Monday with the announcement that Menahem Golan has resigned as an executive of Cannon Group. Golan and Yoram Globus headed the Los Angeles-based film company from 1979 until the Parretti group took control last April. Golan will set up a new independent production company with about $160 million from Cannon under a four-year agreement, the company said.
BUSINESS
October 6, 1988 | KATHRYN HARRIS, Times Staff Writer
De Laurentiis Entertainment Group, which sought the protection of bankruptcy court in mid-August, said late Wednesday that it has received three preliminary offers from companies interested in acquiring a controlling stake in the beleaguered motion picture company. Beverly Hills-based DEG said the overtures came from Cannon Group, Atlantic Entertainment Group and Image Entertainment and are for undisclosed combinations of cash and securities.
BUSINESS
September 5, 1988 | BILL SING, Times Staff Writer
At first glance, Leisure Technology Inc. hardly looks like a firm in danger of falling on hard times. The Los Angeles-based developer and marketer of adult retirement communities reported record profits in its latest fiscal year. It owns high-quality properties and has a reputation for developing fine housing. The aging of the American population bodes well for its growth prospects. But a closer look reveals signs of potential vulnerabilities, some analysts contend.
BUSINESS
June 22, 1988 | AL DELUGACH, Times Staff Writer
Cannon Group announced Tuesday that the company and its insurers have tentatively agreed to pay $33 million to settle several pending class-action shareholder suits, which alleged that the independent film producer inflated its stock price with false financial reports to the public. The figure was much larger than one reported April 1, when the company said it had reached a $20-million partial settlement.
NEWS
August 29, 1998 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
If the adage is true that the ultimate Hollywood art form is the deal, then the maneuvering to get "Spider-Man" to the big screen will never hang in the Louvre. As the biggest superhero character left unfilmed since the blockbuster "Batman" made the genre popular again, "Spider-Man" has been widely touted as moviedom's hottest property.
BUSINESS
June 1, 1988 | AL DELUGACH, Times Staff Writer
In another belated financial report, Cannon Group under its new European owners disclosed that its 1987 net loss came to $98.3 million, a 63% increase over its disastrous 1986 deficit. The latest figures indicated to an analyst that the Los Angeles movie maker's debts are now greater than its assets. The company had said April 1 that the 1987 loss would "substantially exceed" the previous year's deficit. The firm's nine-month loss had totaled $41.
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