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Carolco Pictures

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BUSINESS
April 14, 1989 | AL DELUGACH, Times Staff Writer
De Laurentiis Entertainment Group would emerge from bankruptcy proceedings and resume film production under a plan outlined Thursday by its prospective new owner, Carolco Pictures. Carolco, a Los Angeles firm that produced the Rambo movies starring Sylvester Stallone, said it would own 70% of a reorganized DEG under an agreement it expects to sign today with the company. Although DEG's creditors have consented to the agreement, it still requires bankruptcy court approval. The deal would provide for Carolco to get the ownership interest without paying any cash, said Carolco Chief Executive Peter M. Hoffman.
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ENTERTAINMENT
May 24, 2006 | Robert W. Welkos, Times Staff Writer
Peter Hoffman sits on the 130-foot, canoe-bottomed motor yacht South Paw, moored near the Palais de Festivals. A strong breeze ruffles his hair and in the distance thousands of people crowd the Croisette as the Hollywood executive ponders the Cannes Film Festival. "I think the festival is less important," Hoffman said. "There was a time when winning the Palme d'Or, best director, were important.
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BUSINESS
March 2, 1991 | From a Times Staff Writer
Carolco Pictures Inc., best known for producing the Rambo movies, confirmed Friday that it is holding "preliminary" discussions with several possible investors. Carolco identified RCS Video, a division of Italy's Fiat Group, as a potential partner. It declined to reveal further details, but a spokesman said "no agreements or understandings" have been reached. Carolco's statement came in response to recent reports that it had entered into negotiations for an emergency cash infusion.
BUSINESS
December 26, 2001 | JAMES BATES, TIMES STAFF WRITER
After nearly 14 years, the credits are finally quietly rolling on one of Hollywood's largest, longest and most bitterly fought tax disputes. Winding down is an Internal Revenue Service probe into the byzantine financing structures and liberal executive loan practices used by defunct big-budget filmmaker Carolco Pictures, maker of such hits as "Terminator 2: Judgment Day," "Total Recall," the "Rambo" series and "Basic Instinct."
BUSINESS
June 1, 1990 | ALAN CITRON, TIMES STAFF WRITER
A unit of Pioneer Electronic Corp. bought a 10% interest in Carolco Pictures Inc., a leading independent producer of motion pictures, in a $60-million deal announced Thursday. The purchase gives the Japanese, who already own Columbia Pictures Entertainment, an even greater toehold in Hollywood. At the same time, Carolco will get a major infusion of capital. The deal calls for Pioneer LDCA Inc.
BUSINESS
July 10, 1992 | DAVID WILLMAN and ALAN CITRON, TIMES STAFF WRITERS
For struggling Carolco Pictures, this may be Judgment Weekend. The once highflying company that made the hit "Terminator 2: Judgment Day" is scrambling to avert bankruptcy and hoping that its latest violence-steeped fantasy, opening in theaters today, will help save it. "My own opinion is that if (the new film, "Universal Soldier") doesn't open enormously this weekend, the equity investors will say, 'Enough of this,' " said one industry observer, expressing a widely held view.
BUSINESS
March 31, 1992 | PATRICE APODACA, TIMES STAFF WRITER
Live Entertainment Inc. has won another eight months of breathing room from a bank group that agreed to extend Live's $50-million line of credit through Dec. 2. The announcement last week by the troubled Van Nuys video distributor and retailer was part of a refinancing package involving Live's 53% owner, Carolco Pictures Inc. Carolco has entered a new financing deal with its bank lenders and foreign investors that will provide the debt-burdened film producer up to $73.
BUSINESS
December 25, 1992 | JAMES BATES, TIMES STAFF WRITER
One of film legend Charlie Chaplin's best-known movies is "The Gold Rush." For Carolco Pictures, whose epic film biography of Chaplin opens today, business lately has been anything but a gold rush. In fact, until this week there was little gold left.
BUSINESS
February 13, 1992 | JOHN LIPPMAN, TIMES STAFF WRITER
Financially strapped Carolco Pictures, under continuing pressure from its bankers and foreign shareholders to restructure, is selling Spelling Entertainment certain TV rights to its film library in a deal valued at $64 million. The agreement Wednesday gives the once-highflying production company--maker of such costly action/adventure films as "Terminator 2: Judgment Day" and the "Rambo" trilogy--some badly needed cash.
BUSINESS
January 21, 1992 | PATRICE APODACA, TIMES STAFF WRITER
Could Live live without Carolco? Analysts say yes, although the future of Live Entertainment Inc., a Van Nuys videocassette distributor and retailer, is by no means assured. With or without Carolco Pictures Inc., Live's financially troubled 53% owner and its biggest supplier of films to release on video, Live is likely to end up a much smaller company, analysts say. "Live has a life of its own apart from Carolco," said analyst Jeffrey Logsdon at Seidler Amdec Securities Inc. in Los Angeles.
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
March 19, 1998 | JAMES BATES, TIMES STAFF WRITER
Producer Peter Hoffman's criminal tax fraud case ended with a whimper Wednesday when the executive pleaded guilty to the misdemeanor federal charge of sending a false tax return to the Internal Revenue Service that understated his 1989 taxable income by about $33,000. The plea, which includes no promise to cooperate with other federal tax investigations, ends a case in which Hoffman had originally faced four felony tax fraud charges.
BUSINESS
October 1, 1997 | James Bates
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.
BUSINESS
September 23, 1997 | CLAUDIA ELLER
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.
BUSINESS
September 17, 1997 | JAMES BATES
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.
BUSINESS
January 15, 1997 | JAMES BATES
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.
ENTERTAINMENT
September 23, 1990 | NINA J. EASTON
Carolco Pictures chairman Mario Kassar paid Arnold Schwarzenegger nearly $10 million upfront, plus a hefty chunk of ticket sales, to star in this summer's blockbuster "Total Recall." He threw an elaborate premiere party at the Griffith Park Observatory when "Total Recall" opened--and an even glitzier one celebrating Schwarzenegger at Hollywood's Roxbury Club once the movie topped $100 million in ticket sales.
BUSINESS
August 13, 1991 | PATRICE APODACA, TIMES STAFF WRITER
Carolco Pictures Inc. and its flamboyant chairman, Mario Kassar, are notorious for their free-spending ways. Carolco pays such stars as Arnold Schwarzenegger and Sylvester Stallone top dollar, throws lavish parties and courts the hottest directors and writers. It gambles on big-budget films, most recently the Schwarzenegger vehicle "Terminator 2," this summer's top box-office smash with $159 million, and counting.
BUSINESS
September 4, 1996 | Times Staff and Wire Reports
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.
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