October 1, 1997 |
A federal jury in Los Angeles is scheduled to start deliberations today on whether former Carolco Pictures Chief Executive Peter Hoffman misrepresented his income and signed false returns to avoid taxes. Government prosecutors allege that Hoffman improperly tapped into more than $1 million in deferred compensation accumulated at Carolco, while his lawyers contend that the payments were loans he paid back.
September 23, 1997 |
A safe rule of thumb in any business dealing is never assume anything. Bucking that rule can prove embarrassing, if not frightfully expensive--as Fox Filmed Entertainment Chairman Bill Mechanic is finding out. For months, sources said, Mechanic has been negotiating deals with Arnold Schwarzenegger and director James Cameron to bring "Terminator 3" to the big screen. No matter that Fox didn't have the necessary underlying rights to the "Terminator" franchise.
September 17, 1997 |
Half-ownership of the rights to a potential "Terminator 3" film were tentatively sold this week for $7.5 million to producer Andrew Vajna as part of the liquidation of defunct producer Carolco Pictures, lawyers involved in the case said Tuesday. Carolco is liquidating via bankruptcy proceedings, and the money is expected to go into a trust, after which it is scheduled to be distributed to creditors, said Richard Wynne, a bankruptcy lawyer working on the Carolco case.
January 15, 1997 |
Walt Disney Co.'s Miramax unit won the bidding for the sequel rights to the hit Carolco Pictures film "Total Recall" for $3.15 million during an auction Tuesday in U.S. Bankruptcy Court in Los Angeles. Proceeds will help pay creditors of Carolco, a defunct film production company.
September 4, 1996 |
Carolco Settles With IRS: The production company, which filed for Bankruptcy Court protection last fall, settled the tax claim for $6 million in cash. The agreement involves only the company's problem with the IRS and does not affect individual disputes the agency has with former Carolco partners Mario Kassar and Andy Vajna.