April 12, 1988 |
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.
January 31, 1989 |
Italian financiers Giancarlo Parretti and Florio Fiorini, who took control of the troubled Cannon Group last year, have formed a new movie production company headed by former MGM Chairman Alan Ladd Jr. The organizers of the new company, called Pathe Entertainment Co., declined to disclose the terms of the deal. But industry sources said Pathe would have more than $400 million at its disposal over four years for film making and acquisitions of studio facilities.
July 13, 1990 |
Pathe Communications Corp. sued Time Warner Inc. for $500 million in Los Angeles Superior Court late Thursday, charging that the New York media giant reneged on an agreement to loan Pathe $650 million toward the purchase of MGM/UA Communications Co. Pathe's suit accuses Time Warner of breach of contract, fraud, interference with contractual relationship and unfair competition.
CALIFORNIA | LOCAL
November 20, 2001 |
An Italian businessman who admitted acquiring control of MGM studios and an independent production company through a series of sham financial transactions a decade ago was sentenced Monday to 41 months in prison. Under his plea agreement with federal prosecutors, however, Florio Fiorini will first return to Italy to face three criminal trials and possible prison sentences there.
November 2, 1990 |
Hollywood's historic film studio MGM/UA Communications Co. was acquired Thursday by Italian financier Giancarlo Parretti in a patchwork deal valued at $1.36 billion. The terms of the oft-delayed buyout were not revealed, but Parretti's Pathe Communications Corp. reportedly put the deal together with a complex package of loans and advances. The new company, the third major Hollywood studio to be controlled by foreign interests, will be named MGM-Pathe Communications Co. "Ha! . . .
CALIFORNIA | LOCAL
October 20, 2001 |
An Italian businessman accused of acquiring MGM studios through a series of sham financial transactions appeared in federal court in Los Angeles on Friday after negotiating a plea agreement that will send him to prison for 41 months. Florio Fiorini, who was escorted from Italy by federal marshals, posted bail of $250,000 and was released pending arraignment Monday. His former partner, flamboyant financier Giancarlo Parretti, remains in Italy, fighting extradition.