May 23, 1992 |
MGM's Historic Name Restored: Trying to distance itself from its recent troubles, MGM-Pathe Communications Co. has changed its name to Metro-Goldwyn-Mayer Inc. "Restoring the studio's historic name has particular significance at this time, since we have embarked on an aggressive campaign under new ownership to reclaim the quality and luster that Metro-Goldwyn-Mayer represented for so many years," Alan Ladd Jr. and Dennis Stanfill, co-chairmen, said.
May 13, 1992 |
With an important bankruptcy court hearing looming, another possible purchaser of troubled Orion Pictures emerged Tuesday--MGM-Pathe Communications Co. The entry of MGM, owned by the French bank Credit Lyonnais, raises to three the number of bidders seeking to acquire or merge with Orion, producer of "The Silence of the Lambs," 1991's Oscar juggernaut. Orion filed for Chapter 11 bankruptcy protection in December, despite a years-long string of Academy Awards.
May 1, 1992 |
Secret agent James Bond, defender of the free world, has lost a recent skirmish involving free speech, according to a notice inside the Voyager Co.'s new laser-disc releases of the first three 007 adventures, "Dr. No," "From Russia With Love" and "Goldfinger." The note claims that an attempt has been made to "censor" filmmakers and historians who discussed production techniques and Bond personalities on a secondary audio track made for the original laser-disc releases last year.
April 25, 1992 |
As it investigates the tangled transactions of Giancarlo Parretti's former entertainment empire, the Securities and Exchange Commission faces the formidable obstacles of geography and differing cultural values. Financial reports newly filed by MGM and the studio's parent, Pathe Communications, detail a number of transactions that could be drawing the SEC's scrutiny--from deals with other Parretti companies to complex fund transfers.
April 17, 1992 |
Credit Lyonnais, the French government bank that is MGM-Pathe Communications Co.'s primary lender, said Thursday that it is foreclosing on 98.5% of the movie company's stock to sever any remaining ownership claim by Italian financier Giancarlo Parretti. Parretti, ousted last year from operating control of MGM, contends in litigation he initiated in Rome last month that he continues to own the stock.
April 15, 1992 |
Auditors for the beleaguered MGM studio--citing net losses of $347.4 million for 1991, the company's debt load and an absence of box-office hits--questioned anew on Tuesday the firm's ability to survive. In a statement accompanying MGM-Pathe Communications Co.'s year-end financial report to the Securities and Exchange Commission, the auditors also warned of the company's exposure to ongoing lawsuits and the reluctance of its chief lender to formally commit to a long-term financing relationship.