December 28, 1991 |
Giancarlo Parretti, who is engaged in a court fight for control of MGM-Pathe Communications Co., was taken into custody Friday by Italian police in connection with a tax-fraud investigation. The Italian news agency ANSA and other news sources reported that Parretti was stopped and taken to jail as he waited to board a plane bound for Tunisia at Rome's Ciampino Airport.
April 2, 1991 |
MGM-Pathe Communications Co. said Monday that it disputes more than $8 million in claims filed against it last week in an involuntary bankruptcy petition. An MGM-Pathe spokesman called the petition, filed by six creditors who contend that they are owed more than $10 million, "ridiculous." He said the financially troubled movie and television studio will "vigorously attack" the claim and seek court sanctions and damages against the petitioners.
February 26, 1991 |
The trust agent for $250 million in MGM-Pathe Communications Co. bonds has demanded that the financially strained studio demonstrate by March 1 that its complex merger financing last year did not violate debt agreements. The action was taken by New York-based Bankers Trust Co. at the request of half a dozen dissident MGM-Pathe bondholders, one of the holders said. Those holders fear that last year's sale of MGM film rights for about $700 million to raise money for Pathe Communications Co.'s $1.
January 16, 1991 |
Italian financier Giancarlo Parretti has quietly moved to dismantle the European holding company through which he controls the vast majority of shares in MGM-Pathe Communications Co. The step reflects a restructuring of the complex European holdings that Parretti used in acquiring MGM/UA Communications Co. for $1.3 billion last year. A Parretti spokesman said the financier's control over the holdings wouldn't be increased or diminished by the restructuring.
January 22, 1992 |
MGM-Pathe Communications Co. created Hollywood's latest odd couple on Tuesday, announcing that it has hired Dennis C. Stanfill, former chairman of Twentieth Century Fox Corp., to join Alan Ladd Jr. as an MGM chairman and chief executive. The pair will function as co-chairmen and co-chief executives. Stanfill, 64, had been Ladd's boss at Fox in the 1970s. The two men clashed over what Ladd now calls "policy differences," and Ladd resigned in 1979.
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 7, 1991 |
Credit Lyonnais Bank Nederland has taken control of troubled MGM-Pathe Communications Co. and is seeking to sell 40% of the company's stock, securities documents filed Monday show. The European banking giant was granted voting rights to 98.5% of MGM-Pathe's common shares in an agreement signed last month. Credit Lyonnais also assumed authority over 89.5% of the common stock in MGM-Pathe's parent company, Pathe Communications Corp., according to filings.
December 13, 1990 |
MGM-Pathe Communications Co., in a surprise announcement, said Wednesday that it will be a month late in paying interest on some $400 million in bonds because it lacks funds. The film and television studio said it couldn't make the Dec. 15 interest payment, estimated at about $25 million, because of "employee termination costs and higher than anticipated . . . payables" in its MGM/UA unit. But MGM-Pathe--formed only six weeks ago when Pathe Communications Corp. bought MGM/UA Communications Co.
September 27, 1991 |
The bank that wants to foreclose on Giancarlo Parretti's ownership of MGM studios tried Thursday to prove he breached an agreement not to interfere with operations. Richard Holwell, an attorney for the bank, questioned Parretti about large sums of money transferred from MGM to Parretti's control as head of Pathe Italia, a subsidiary of MGM's parent, Pathe Communications Corp.
September 7, 1991 |
The Immigration and Naturalization Service revoked the visa of MGM-Pathe Communications Co. owner Giancarlo Parretti on Friday for his failure to reveal a lengthy criminal record in Italy, threatening to deport Parretti if his most recent conviction is not overturned. The nature of Parretti's visa has long been a source of speculation because of his known criminal record.